The Importance Of Low-Quality Products

Yglesias recounts the history of the frozen bagel:

The fundamental story of Lender’s Frozen Bagels is that the winning product isn’t always the best one. Like Ikea for furniture, H&M for clothing, or the Olive Garden for Italian food, Lender’s innovated by finding a way to compromise on quality and reap huge gains in other spheres. To an extent, it’s thankless work. Nobody wants to stand up and proudly proclaim, “I changed the world with my inferior products.” But often this is how the world changes. And if you look at the health care and higher education corners of the American economy where spiraling costs are bankrupting the middle class, you see sectors that are largely untouched by this kind of low-end innovation. The world could probably use a few more Murray Lenders.