I like the argument. In an applied context though, how do you go about putting a price on the estimated value of the output? Especially if the value is not something easily quantifiable. If a project is a ton of work but only slightly valuable (but necessary) to the client does that not factor in?
The client is on the hook to articulate value. It's the consultant's job to coax it out of them - ask "Why?" five times, for example. High effort + low value => consider declining the project. I wouldn't take on any work that isn't highly profitable. Thanks for the question! I'd love it if you posted it on my Disqus forum on my site as well. Perhaps I'll amend the article with this Q&A.