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:
“Parents sometimes feel that if they dont criticize their child, their child will never learn. Criticism doesnt make people want to change; it makes them defensive.”
—Laurence Steinberg (20th century)
“... criticism ... makes very little dent upon me, unless I think there is some real justification and something should be done.”
—Eleanor Roosevelt (18841962)
“It is ... pathetic to observe the complete lack of imagination on the part of certain employers and men and women of the upper-income levels, equally devoid of experience, equally glib with their criticism ... directed against workers, labor leaders, and other villains and personal devils who are the objects of their dart-throwing. Who doesnt know the wealthy woman who fulminates against the idle workers who just wont get out and hunt jobs?”
—Mary Barnett Gilson (1877?)