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:
“A tailor can adapt to any medium, be it poetry, be it criticism. As a poet, he can mend, and with the scissors of criticism he can divide.”
—Franz Grillparzer (1791–1872)
“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)
“...I wasn’t at all prepared for the avalanche of criticism that overwhelmed me. You would have thought I had murdered someone, and perhaps I had, but only to give her successor a chance to live. It was a very sad business indeed to be made to feel that my success depended solely, or at least in large part, on a head of hair.”
—Mary Pickford (1893–1979)