More on Marginalism

SEPTEMBER 26, 2013 by 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)

ABOUT

DWIGHT R. LEE

Dwight R. Lee is the O’Neil Professor of Global Markets and Freedom in the Cox School of Business at Southern Methodist University.