Criticism
Most opportunities are difficult to compare. Opportunity cost has been seen as the foundation of the marginal theory of value as well as the theory of time and money. In some cases, it may be possible to have more of everything by making different choices; for instance, when an economy is within its production possibility frontier. In microeconomic models this is unusual, because individuals are assumed to maximize utility, but it is a feature of Keynesian macroeconomics. In these circumstances, when one investment is assumed to be as good as any, opportunity cost is a less useful concept.
Read more about this topic: Opportunity Cost
Famous quotes containing the word criticism:
“Nothing would improve newspaper criticism so much as the knowledge that it was to be read by men too hardy to acquiesce in the authoritative statement of the reviewer.”
—Richard Holt Hutton (1826–1897)
“I hold with the old-fashioned criticism that Browning is not really a poet, that he has all the gifts but the one needful and the pearls without the string; rather one should say raw nuggets and rough diamonds.”
—Gerard Manley Hopkins (1844–1889)
“Unless criticism refuses to take itself quite so seriously or at least to permit its readers not to, it will inevitably continue to reflect the finicky canons of the genteel tradition and the depressing pieties of the Culture Religion of Modernism.”
—Leslie Fiedler (b. 1917)