by Tim Saumier, President of TYGES
I took both macro & micro economics in college and while I don’t remember much from the classes, as I think I got a C in one and a B in the other, the one thing that I do remember is the law of diminishing returns. The law of diminishing returns (also law of diminishing marginal returns or law of increasing relative cost) states that in all productive processes, adding more of one factor of production while holding all others constant will at some point yield lower per-unit returns.
While working in corporate America I remember working with design engineers who just wanted to keep designing for what they believed was best for the customer when in fact, it seemed to be for the pursuit of perfection. We would constantly discuss when enough was enough. I translate this to the world that I live…
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