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:
“I consider criticism merely a preliminary excitement, a statement of things a writer has to clear up in his own head sometime or other, probably antecedent to writing; of no value unless it come to fruit in the created work later.”
—Ezra Pound (1885–1972)
“The greater the decrease in the social significance of an art form, the sharper the distinction between criticism and enjoyment by the public. The conventional is uncritically enjoyed, and the truly new is criticized with aversion.”
—Walter Benjamin (1892–1940)
“A friend of mine spoke of books that are dedicated like this: “To my wife, by whose helpful criticism ...” and so on. He said the dedication should really read: “To my wife. If it had not been for her continual criticism and persistent nagging doubt as to my ability, this book would have appeared in Harper’s instead of The Hardware Age.””
—Brenda Ueland (1891–1985)