Friday, October 26, 2007

Opportunity Cost

“Although [young people] would agree, if they thought about it, that they will realize only some of the (feasible) possibilities before them, none of these various possibilities is yet excluded in their minds. The young live in each of the futures open to them…Economists speak of the opportunity cost of something as the value of the best alternative foregone for it. For adults, strangely, the opportunity cost of our lives appears to us to be the value of all the foregone alternatives summed together, not merely the best other one. When all the possibilities were yet still before us, it felt as if we would do them all.”

-Robert Nozick, quoted by Alan Jacobs in Books and Culture

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