Thursday, January 29, 2004
It's the O C, stupid
I came across a very abstract and polysyllabic discussion about why there aren't more entrepreneurs in our ostensibly capitalistic society at 2Blowhards. But it struck me while reading this that there is one very simple explanation that goes a long way toward understanding this phenomenon, and only requires a basic level of familiarity with economics: opportunity cost . I've often noticed that economists and/or folks who like to talk about economics in the abstract often seem to have trouble comprehending that a good many people value other things in life besides money, or its acquisition.
Why is this so easy for me to understand, but so hard for Friedrich?
Why is this so easy for me to understand, but so hard for Friedrich?
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