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:
“A bad short story or novel or poem leaves one comparatively calm because it does not exist, unless it gets a fake prestige through being mistaken for good work. It is essentially negative, it is something that has not come through. But over bad criticism one has a sense of real calamity.”
—Rebecca West (1892–1983)
“Parents sometimes feel that if they don’t criticize their child, their child will never learn. Criticism doesn’t make people want to change; it makes them defensive.”
—Laurence Steinberg (20th century)
“Of all the cants which are canted in this canting world—though the cant of hypocrites may be the worst—the cant of criticism is the most tormenting!”
—Laurence Sterne (1713–1768)