The Opportunity Cost Of Everything
An Economists’ Approach To Lifelong Learning
“I live this life at a pace that anyone can go. Know your place, and dedicate your role…To the faith that you’ll die alone.” — Kendrick Lamar, Musician and Pulitzer Prize Winner
The science of economics is the science of choice. In modern life, this choice involves how to spend the most precious resource of all — our time. This article explains the twentieth century concept of opportunity cost and how it can be applied to life choices most importantly to choose what to learn and what not to invest your time in. After all, the clock is ticking and we have not time to lose. We need to make the most of our time. However, the concept of opportunity cost is deceptively simple but it can seem counter intuitive at the time of making a choice. This is why thinking about life choices in terms of ‘opportunity cost’ is like common sense — uncommon to say the least.
The discipline of economics can be of tremendous utility when it comes to problems of abundance. The attention economy is a suppliers’ economy. Everyone from content creators such as Netflix to video game designers are vying for your time. We live in a world that is constantly on and scarcity…
