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Opportunity Cost.
Till now, I had always perceived things from two extremes i.e. either from the lens of science or through humanities and never took pain to ever conceive some concepts of commerce too. Though I have always tried to pursue any philosophy only after filtering it from a number of sieves but without considering the basic third pole!!
I mean when you observe it, you start valuing it.
You can better know the efficiency if you know the science.
But these two facts create a vacuum space or to say the 3D view is missing if you don't know its cost. After studying ECONOMICS unwilling yet regressively out of compulsion, I have discovered that economics is indeed a very philosophical subject. To go straight, just take the definition of the word itself where we define economics as management of scarce resources in response to unlimited needs. Isn't it correlative to the theory of ' survival of the fittest'....?? And so begins our quest for indepth insights.
If you are even a bit aware with the tenets of Buddhism, Gautama Buddha says:-
1. Life is full of sufferings.
2. There is always a cause of sufferings.
3. Sufferings can be ended by ceasing human cravings.
4. There is eightfold path ( asthanga marga) to end this.
[ Right speech, conduct, action, effort, mindfulness etc.]
On the other hand if we talk about the principles of the other heterodox sect of Jainism, it also emphasizes on ascetism and a minimalist living. These all sum upto a point that urges us to limit our needs, so that to make pace with limited resources.
Limited desires = limited needs = parity with resources = less sufferings.
Indeed Economical!!!!!
Okay, now without deviating from the title of this scribble let us take this word into consideration;
OPPORTUNITY COST as per the law of economics means the cost of best forgone option.
Hard to comprehend?
Let us take an example - suppose you have to choose between a City and Village as a place to live.
If you choose City, you would miss out pollution free environment and natural beauty of the rural landscape. And if you choose Village, you would loose good economic and educational opportunities of the urban landscape.
In both the cases what is missed, is the opportunity cost.
Yes, you can call it that ' regret' we count about each and every aspects of our lives is nothing different but OPPORTUNITY COST !!!
And in our domain of philosophy we are experts of auditing our accounts from the perspective 'if this would have happened, if I had chosen that over this....' and this calculation of loss occured in our imagination is the cause of alot of our dissatisfaction, loneliness and fragility of our relationships with others.
How can we calculate opportunity cost in friendships, relationships and our daily conducts. I guess the very time we start being calculative about this, the ' meanness' appears in the scenario. And look at the vulnerabilities of our regrets that instead of cherishing the choices we have made, we often remain interested in rectifying our wrong choices and making new and for obvious not very correct one.
No any decision made by ourselves are ever devoid of this ' opportunity cost' notion. No matter how good or priceless your character is in someone's life, there would always be a one thing where your competitor would have been better. GenZ is short at everything. Right from temper to patience and these fluctuations made them very very conscious; not about what they have gained by making a choice but about what they have lost in making the same. Is it the reason or the fear that our generation always hesitate to take any concrete or permanent decision? I hope you people are getting what I am pointing at. Is this just because we have been offered a lot of choices??
Obviously ' BEGGARS CANNOT BE CHOOSERS'. If you have less or nothing to select from, no permutation and combinations will be possible and so no regret or opportunity cost for this heart.
If we can ever erase the origin of opportunity cost from our respective dictionaries, alot of can be saved from destruction.........
CALCULATION AND COMPREHENSION are both part of one's APTITUDE.....and so ... Philosophy is always driven by some Economics.
© Flying Birds
#philosophy #opportunitycost
#economics #option #regrets
#flyingbirds
I mean when you observe it, you start valuing it.
You can better know the efficiency if you know the science.
But these two facts create a vacuum space or to say the 3D view is missing if you don't know its cost. After studying ECONOMICS unwilling yet regressively out of compulsion, I have discovered that economics is indeed a very philosophical subject. To go straight, just take the definition of the word itself where we define economics as management of scarce resources in response to unlimited needs. Isn't it correlative to the theory of ' survival of the fittest'....?? And so begins our quest for indepth insights.
If you are even a bit aware with the tenets of Buddhism, Gautama Buddha says:-
1. Life is full of sufferings.
2. There is always a cause of sufferings.
3. Sufferings can be ended by ceasing human cravings.
4. There is eightfold path ( asthanga marga) to end this.
[ Right speech, conduct, action, effort, mindfulness etc.]
On the other hand if we talk about the principles of the other heterodox sect of Jainism, it also emphasizes on ascetism and a minimalist living. These all sum upto a point that urges us to limit our needs, so that to make pace with limited resources.
Limited desires = limited needs = parity with resources = less sufferings.
Indeed Economical!!!!!
Okay, now without deviating from the title of this scribble let us take this word into consideration;
OPPORTUNITY COST as per the law of economics means the cost of best forgone option.
Hard to comprehend?
Let us take an example - suppose you have to choose between a City and Village as a place to live.
If you choose City, you would miss out pollution free environment and natural beauty of the rural landscape. And if you choose Village, you would loose good economic and educational opportunities of the urban landscape.
In both the cases what is missed, is the opportunity cost.
Yes, you can call it that ' regret' we count about each and every aspects of our lives is nothing different but OPPORTUNITY COST !!!
And in our domain of philosophy we are experts of auditing our accounts from the perspective 'if this would have happened, if I had chosen that over this....' and this calculation of loss occured in our imagination is the cause of alot of our dissatisfaction, loneliness and fragility of our relationships with others.
How can we calculate opportunity cost in friendships, relationships and our daily conducts. I guess the very time we start being calculative about this, the ' meanness' appears in the scenario. And look at the vulnerabilities of our regrets that instead of cherishing the choices we have made, we often remain interested in rectifying our wrong choices and making new and for obvious not very correct one.
No any decision made by ourselves are ever devoid of this ' opportunity cost' notion. No matter how good or priceless your character is in someone's life, there would always be a one thing where your competitor would have been better. GenZ is short at everything. Right from temper to patience and these fluctuations made them very very conscious; not about what they have gained by making a choice but about what they have lost in making the same. Is it the reason or the fear that our generation always hesitate to take any concrete or permanent decision? I hope you people are getting what I am pointing at. Is this just because we have been offered a lot of choices??
Obviously ' BEGGARS CANNOT BE CHOOSERS'. If you have less or nothing to select from, no permutation and combinations will be possible and so no regret or opportunity cost for this heart.
If we can ever erase the origin of opportunity cost from our respective dictionaries, alot of can be saved from destruction.........
CALCULATION AND COMPREHENSION are both part of one's APTITUDE.....and so ... Philosophy is always driven by some Economics.
© Flying Birds
#philosophy #opportunitycost
#economics #option #regrets
#flyingbirds
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