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The Common Law of Business

“It’s unwise to pay too much, but it is worse to pay too little. When you pay too much you lose a little money – that is all. When you pay too little you sometimes lose everything, because the thing you bought was incapable of doing the things it was bought to do. The common law of business balance prohibits paying a little and getting a lot. It can’t be done if you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better”

John Ruskin (1819-1906)

I can see how this applies to much more than just business, here’s a few very simple examples (no propaganda this time, too much for one week):

  • Cheaply made goods that fall apart
  • Service that you bought for so little, service provider wasn’t able to stay in business. And so you have to move on to someone else which costs you time and money all over again.
  • Eating low quality, cheap food and then falling sick due to bad diet. Health lost can’t really be quantified, it’s the worst.

… and so on.