In economics, a race to the bottom is when companies compete on price.

They are all the same as each other, so the customer always chooses the cheapest option.

This is bad for the companies because they make very little money and there is zero customer loyalty.

Uber drivers are in a similar situation. They are an interchangeable commodity, so one driver is as good as another. 📉

The opposite of a race to the bottom is a race to the top 🚀.

Companies that race to the top are competing on everything besides price – quality, customer satisfaction, brand image, luxury status, etc.

These companies get insane customer loyalty, because each company is being unique, and is not easily replaced by others.

Companies like Apple, Dyson and Rolex are clear examples of a race to the top.

People with high minds have a natural tendency to race to the top. 🚀

People with low minds have a natural tendency to race to the bottom. 📉

Low-minded people often sneer at companies like Apple, Dyson and Rolex.

They say things like:

“Why should I pay £300 for a hairdryer, when I can get one for £10?”

Such questions are a dead giveaway that a person is in the low-mind 📉 state.