I just read a great blog post on the Law of Comparative Advantage. According to Wikipedia, the law states the following: “Two countries (or other kinds of parties, such as individuals or firms) can both gain from trade if, in the absence of trade, they have different relative costs for producing the same goods. Even if one country is more efficient in the production of all goods (absolute advantage), it can still gain by trading with a less-efficient country, as long as they have different relative efficiencies.” In Bussgang’s blog, he applied this law to start-ups. I’d like to expand the law to all small businesses. To quote Bussgang: “As such, they [owners] get sucked into spending Read more [...]