Articles Archive for 9 December 2004
Random Draws »
Sonal Vaidya requested that I put a link to
The Color of Bhutan blog post which is about a
photo exhibition the proceeds of which will benefit
Bhutanese children.
Development, My Favorite Bits, Opportunity Cost »
Folk wisdom captures very succinctly the idea that life is about tradeoffs in the saying that one cannot eat one’s cake and have it as well. If you eat the cake, it is gone and you no longer have it. Economists call it opportunity cost . The opportunity cost of eating the cake is not having it; conversely, the opportunity cost of having the cake is that of not eating it.
Remarkable results follow from exploring the idea of opportunity costs. The whole theory of comparative …
