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/> The story goes for the historic costs, if you receive a Benz as birthday gift from your parents (just an example) and several years later, when you lend it to your friend to drive out, the car ran to a tree because of the muddy road and thus was totally damaged, your friend wouldn't ask you to take it easy, for it was merely a gift, which cost you nothing. If this happens, it may forecasts an end between you two.

Conclusion 结论

So to lead an efficient life, we have to first keep in mind that everything has a cost. Although people welcome the naive point that something is free. We are reluctant to hear about the hidden costs, the opportunity cost. Sometimes we just want to eat our cakes, without being informed of the fact that we missed out a spectacular piece of pie, although this make us happy for the moment, and it is really tiny and we should not make it a mess.

When it comes to some important parts, like choosing whether to study further or go directly for work, which means something to us, we would like to take it seriously and carefully to calculate the opportunity cost of it.

Each day has the constraint of 24 hours and nobody could live an infinite time, we cannot deny this and cannot escape from this (Russell, 2007). How to make the best of our limited time and achieve most therefore becomes the point and in this process, opportunity cost plays a leading role.

For me, calculating the value of the forgone alternatives of each choice and thus make my life as efficient as possible is the philosophy of opportunity cost. 


References 参考文献

Bastiat, F (1848), What Is Seen and What Is Not Seen, Selected Essays on Political Economy
David, R. H (2008).Opportunity Cost
Friedrich, V. W (1927). Social Economics, A. Ford Hinrichs (translator), New York: Adelphi. 
Franklin, B (1748), Advice to a Young Tradesman
Paul, A (1948). Economics (19th edition). McGraw Hill Education Europe.
Robbins L, (1932). An Essay on the Nature and Sign ficance of Economic Science, London: Macmillan.
Ross, G (2014) At the cal face economists are struggling to measure up
Russell, R (2007), Getting the Most Out of Life: The Concept of Opportunity Cost. Featured Article


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