Ian Blyth – It's Just a Thought

My thoughts and opinions

Archive for February, 2010

Cheap v Expensive

Posted by Ian Blyth on 6 February 2010

I heard that “Cheap is more expensive in the long run” and “You will remember the quality long after you have forgotten the price”. I particularly like the last one and found it to be true many times. I try and remember it when I am buying a product that seems very expensive.

I have come across this recently which I like as well.

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 thing 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.

– English economist John Ruskin, 1819-1900

Posted in Economics, People, Supply and Demand | Leave a Comment »