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Waste is context sensitive. When determining whether or not something is waste, you cannot just look at what's in front of your nose, you have to think contextually. When you see a piece of code that looks inefficient, always as yourself - is this actually hot code?
Resources mentioned in the video:
Thinking fast and slow (book by Nobel Prize winner)
http://goo.gl/5FROHA
Monad episode
http://goo.gl/PJ8IIO
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