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At an early stage, a poor country with a surfeit of labour is better served by maximising its crop production until the return on any more labour falls to zero. Put another way, you might as well use the labour you have – even if the return per man hour looks terribly low on paper – because that is the only use you have for your workers. A gardening approach delivers the maximum crop output, as any gardener knows.
How Asia Works
Joe Studwell
#16—How can I throw money at this problem? How can I “waste” money to improve the quality of my life? This is somewhat self-explanatory. Dan Sullivan is the founder and president of a company called Strategic Coach that has saved the sanity of many serial entrepreneurs I know. One of Dan’s sayings is: “If you’ve got enough money to solve the problem, you don’t have the problem.” In the beginning of your career, you spend time to earn money. Once you hit your stride in any capacity, you should spend money to earn time, as the latter is nonrenewable. It can be hard to make and maintain this gear shift, so the above question is in my regular journaling rotation.
Tools of Titans
Timothy Ferriss
“Losers have goals. Winners have systems.”
Tools of Titans
Timothy Ferriss
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