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Opportunity Cost

Anything Peaceful

Krugman: Social Security Is "Where Government Excels"
Progressives want to make a bloated and bankrupt system even worse

If Social Security is a government success, what does failure look like?

Anything Peaceful

The World Is Bigger than You Think
Resources are an economic, not physical, phenomenon

"Natural" resources are not fixed because resources are not found in nature – they are created by the human mind.

Freeman Article

How the Education System Destroys Social Networks
Why do we settle for such an unnatural, inorganic plan?

We have grown accustomed to a series of episodic upheavals that are a consequence of a centrally planned education system.

Freeman Article

Cinching Our Belts
Scarcity means deciding how to best use the resources we have

Not having enough money for all the things you want isn't a crisis. It's a simple fact of living in the world.

Freeman Article

Opportunity Cost, Subjective Value, and Women's Soccer

Subjective value and opportunity cost, while easy to understand, are powerful when it comes to where individuals choose to spend or not spend their money.

Resources

Private Property and Oppurtunity Costs

Markets promote the general interest by revealing costs while governments commonly favor special interest by concealing those costs. In this podcast, Dwight Lee discusses opportunity costs by introducing the critical role of private property. Private property lies at the foundation of market economies because without private property, and the exchange it fosters, people would be unable to consider the full costs of their decisions. (8:22 minutes)

Resources

Opportunity Costs and Hidden Inventions

By suppressing profits, socialism reduces the opportunity cost of keeping new products out of the hands of the public, whether by design or by default. As long as we allow the pursuit of profits in the marketplace, the cost of hiding new socially valuable inventions will be so high that we don't have to worry that they will be hidden. (9:10 minutes)

Resources

Opportunities and Costs

In this podcast, Dwight Lee explains that, because of scarcity, every time we do one thing we necessarily have to forgo doing something else desirable. So there is an opportunity cost to everything we do, and that cost is expressed in terms of the most valuable alternative that is sacrificed. (8:45 minutes)

Freeman Article

Fantasy Football, Opportunity Cost, and Comparative Advantage

Don't let the "fantasy" in fantasy football fool you: The game illustrates some crucial points about opportunity costs and comparative advantage. Isaac Morehouse has been keeping score.

Freeman Article

Subjective Value

Trade begins with the private inner states of individuals,who value things differently. This is great news for people seeking their own happiness, Max Borders explains, and bad news for people who think they can legislate the happiness of others.

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