A Framework for Human Action

[magus341]

"All we have to decide is what to do with the time that is given to us." -J.R.R. Tolkien

Comments

[psyllogism]

Does the person have to be aware, on some level, of what they are giving up for it to be an opportunity cost? Or is opportunity cost "the best action they could have taken, even if they didn't know they could have taken that action"?

[magus341]

Good point. The alternative must be known and possible. Unknown options are not opportunity costs. Impossible alternatives are not opportunity costs. I'll modify the essay tomorrow. Actions that have literally no alternatives have no opportunity costs, but those are really really (really) rare.