Inspiring read with so many dimensions captured. Maintenance is a fascinating area because the value and the cost show up on different time horizons. The older I get, the more I spend on face cream due to early signs of aging made it suddenly worth it. But ask me to do that in my twenties? Hard to be convinced.
I have to stop myself from going full behavioural economics, but hyperbolic discounting is real: we're wired to feel incremental present costs as disproportionately expensive, while future catastrophic costs, replacing a machine, or a failure you can't undo, feel abstract and small, even when they're not.
Maybe soon (maybe already now?) labor costs increasing and barrier to entrepreneurship decreasing may make this career decision feel completely rational even with high discounting!!
I can see two possible paths that makes it easier for adoption
1. Everyone else is doing this and you don't want to fall behind - you kinda also do it - due to competitiveness, customer requirements, and compliance requirements
2. The cost of doing this is getting more competitive, so it is justifiable
Inspiring read with so many dimensions captured. Maintenance is a fascinating area because the value and the cost show up on different time horizons. The older I get, the more I spend on face cream due to early signs of aging made it suddenly worth it. But ask me to do that in my twenties? Hard to be convinced.
I have to stop myself from going full behavioural economics, but hyperbolic discounting is real: we're wired to feel incremental present costs as disproportionately expensive, while future catastrophic costs, replacing a machine, or a failure you can't undo, feel abstract and small, even when they're not.
Maybe soon (maybe already now?) labor costs increasing and barrier to entrepreneurship decreasing may make this career decision feel completely rational even with high discounting!!
I can see two possible paths that makes it easier for adoption
1. Everyone else is doing this and you don't want to fall behind - you kinda also do it - due to competitiveness, customer requirements, and compliance requirements
2. The cost of doing this is getting more competitive, so it is justifiable