Opportunity Cost. Ever since my days in freshman econ this idea has stuck with me. As a refresher, opportunity cost is the price of the next best option. For example, that matine movie is not $6.50 but rather $6.50 + all other options (e.g. working for 2 hours and making $18). Applied more broadly, the scope of this principle is almost infinite. Everyday, as we make decisions about what we should do we are constantly comparing and quantifying our options (Should I study for this midterm or get 2 more hours of sleep: What are the costs and benefits?) However, where does this leave us? For one thing, it sets the stage well for America’s business culture and the invisible hand. Companies weigh the opportunity costs of doing business and decide to maximizing their ROI and shareholder’s value. Individuals do this as they decide where to live and what to spend their time doing. It looks pretty much like, well.. the American Way. Love it or hate it Locke’s individual self-preservation comes back once again. However, let’s rewind this situation and paint a different picture.

Is this it? What about this: What about if we looked at these situations in terms of needs? By this, its not a matter of what we giving up for x or y but rather what do we need to get done? How are we going to change the world today? What would society look like then? Fundamentally, cost/benefit analyses will only take you as far as the invisible hand. There’s work to be done and its our job to do it. So, am I going to go to that movie? Maybe, we’ll see where I’m called.