More on Marginalism

Dwight R. Lee
We have all heard the advice, “If a job is worth doing, it’s worth doing right.” There is wisdom in this advice if we are careful about what is meant by “doing a job right.” People sometimes suggest that if a job is worth doing, it’s worth doing perfectly. But this advice, by ignoring the importance of marginal considerations, is a prescription for waste and inefficiency, as anyone who attempted to put it into practice would soon discover. (8:40 minutes)

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