I think being a specialist vs a generalist, from the perspective of earning power, is a question of risk and reward. There is a bias in favor of specialization

I think being a specialist vs a generalist, from the perspective of earning power, is a question of risk and reward. There is a bias in favor of specialization for the economy as a whole. This is why specialists get paid more (engineering major vs English major), in general. However, I consider this a riskier path since specialization is more likely to lead to earlier obsolescence. Thus I would say that there is a bias in favor of being a generalist for the individual, since it keeps more options open. Being a generalist is the safer path, since you can move around more easily, and you're less likely to fall off the top of the hedonic treadmill and lose motivation. You need to balance specialization - to maximize earnings now - with being a generalist - to maximize earnings later - according to your own risk preferences and external demand for various skills. It is possible to be safe as a specialist if you specialize in something that is in demand for your entire life (such as surgery), and it is possible to be such a generalist that your career never takes off. That said, as in most things, I think the middle way between extremes is the best way, for the most people.