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Let’s say you want a loaf of bread.
How many of us will pay an extra 15-30% for a loaf from the local baker, versus a loaf from the local hypermarket?
Yet, because we won’t, the bakery - and its jobs - vanish. After all, why would you pay a slight premium, for goods that are substitutes?
Except, of course, they’re not - really. Your bakery has radically different incentives than your local hypermarket, and might just offer you a significantly higher level of artisanship, skill, service - and trust.
Yet, it’s exactly those we don’t seem to value.
