I prompted Tyler Cowen’s new book GOAT to give me second half career advice from Adam Smith and Tyler Cowen. Below is what it served up:

EconGOAT GPT-4:

Sure, thinking about the second half of one’s career through the lens of Adam Smith’s principles and Tyler Cowen’s interpretation, here are three valuable lessons:

1. Embrace the Division of Labor and Specialization:

According to Adam Smith, the division of labor and subsequent specialization are the key to increased productivity and success. As you progress into the second half of your career, it’s important to further hone your skills and knowledge in your specific area of expertise. The market rewards depth of expertise, and by becoming the go-to person in a particular niche, you potentially increase your value. Tyler would likely nod to Smith’s emphasis on the division of labor to suggest focusing more intently on what you do best and where you can contribute the most value (reflecting on the “Wealth of Nations”).

2. Invest in Human Capital:

Smith recognized the importance of education and the formation of human capital. As you get deeper into your career, continuous learning and adaptation become even more crucial. The economic landscape, technologies, and best practices evolve, and it’s wise to stay intellectually curious and invest time in learning new skills that complement your experience. Tyler has often discussed the importance of human capital, both in his blog and his books, and he would agree it’s a critical component to thrive in the latter stages of a career.

3. Understand Market Dynamics and Change:

Adam Smith introduced the concept of the invisible hand, the idea that an individual’s pursuit of their own interests can benefit society as a whole. In the context of a career, it would mean looking for opportunities where your interests align with what the market needs. Tyler, being an advocate of understanding changes in market structures, might suggest being adaptive to market signals and adjusting your career strategies accordingly. Whether it’s a shift in industry demand, technological disruption, or changes in global economic patterns, being responsive and flexible can offer a competitive edge.These lessons are universal enough to be found implicitly in Smith’s writings, particularly in the “Wealth of Nations,” and they’re principles that Tyler Cowen would likely endorse, given his extensive work on economics and public choice theory. It’s about leveraging your accumulated experience while staying nimble and responsive to the world’s economic shifts—an interplay between Smith’s foundational ideas and Tyler’s contemporary economic analysis.