经济学本科课程作业 The Philosophy of Opportunity Cost
作为经济学中一个简单而基本的概念,机会成本在该领域扮演着极其重要的角色,它涉及稀缺和资源。入门教材甚至列出的三个基本概念(其他两个是“'边际主义”和“有效市场”)在经济上,它认为一个成功的学习者会利用经济这三个概念,我们的生活充满选择和经济学。
Introduction 简介
In 2015, when thousands of Chinese abandoned their appetites in the real estates fields or stock markets and flooded to buy the US dollars as a means of investment, they were experiencing a kind of calculation, in which they calculated and found the most desirable means that can give them the best and largest returns, however, once they made up their mind and performed the decision, they could no longer use the capital for other use, like stock markets or buying bonds. People made such a choice after sophisticated calculation and consideration, comparison of the best two or more alternatives and finally chose the better one as they believed and hence discarded the next to best substitute, which became opportunity cost of the foregone alternative, which to many may, when think in retrospect, results in regret, for they chose one rather than the other, which they could possibly produce more desirable results (David, 2008).
As a simple but fundamental concept in
Economics, which deals with scarcity and resources, opportunity cost plays an extremely important role in the field (Robbins, 1932). An introductory textbook even lists as one of the three fundamental concepts (the other two are ''marginalism'' and ''efficient markets'') in economics, which holds that a successful economic learner would use these three concepts almost every day, for our life is full of choices and economics (Ross,2014).
Playing such an important role, however, economics are not given enough emphasis. Instead, they are more likely to be linked with monetary means and investment, which seems that a successful economic scholar must be a successful businessman or investor who profits a lot from its investment, rather than its original meaning, which focuses on human behaviors of a relationship between ends and scarce means that have several alternatives. People agree that the goal of the discipline is to improve the living standard of human life, which is almost the goal of all the disciplines (Paul, 1948),.
A question which asked about 200 economists to calculate the opportunity cost of a small case, where a person got a free ticket (which cannot be resold) for a band and he was told that his favorite band was also going to hold a concert which asks for 40$, with 10$ saving compared with the usual 50$, as for the opportunity cost for the free band, fewer than 22 percent economists chose the 10$, the right answer for the question. Among the economists, two thirds of them had a PhD s, while the rest was striving for PhD s, which was really stocking when these so-called elites in economics make mistakes in the pathetically simple concept, opportunity cost (Ross, 2014).
As a student who took economics course this term, I find myself deeply fascinated with economics, especially its pursuit for efficiency. Opportunity cost, simple but accurate, almost covers all the truths, that’s why I want to write an
essay on it to have a deep understanding of it.
The term was first coined by Austrian economist Friedrich von Wieser in his social economics, which laid the foundation of the Austrian economics (Friedrich, 1927)
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