Pigs is Pigs

A peasant who merely says, “I have five pigs; if I kill one I shall have four pigs,” is thinking in an extremely simple and elementary way; but he is thinking as clearly and correctly as Aristotle or Euclid. But suppose he reads or half-reads newspapers and books of popular science. Suppose he starts to call one pig the Land and another pig Capital and a third pig Exports, and finally brings out the result that the more pigs he kills the more he possesses; or that every sow that litters decreases the number of pigs in the world. He has learnt economic terminology, merely as a means of becoming entangled in economic fallacy. It is a fallacy he could never have fallen into while he was grounded in the divine dogma that Pigs is Pigs.

-G. K. Chesterton, "Logic and Lawn Tennis"

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