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
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“... criticism ... makes very little dent upon me, unless I think there is some real justification and something should be done.”
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