8.17.2008

"Whatever Will Be.."


Whenever a choice is present, we sacrifice a value. So we see every action has a cost. This is known as opportunity cost. This is a key concept in economics.

This implicates that when faced with decisions, we attempt to reduce the mistakes made. This is a simple concept to understand; however, difficult to apply.

The first requirement to making any good decision is good judgment. You have to recognize that nothing comes without factors, that many different variables have costs and benefits. Each concept must be applied – if you truly are shrewd with your choices.

Here’s the pivotal point. If you come to a decision, there is no turning back. The past is past. If you focus too much on lost opportunity, you make a grievous error. People who overpaid for an item may find that they refuse to sell it, because they can’t accept the loss. They’ve already paid the cost of making this ill choice in purchase. Selling only makes them admit they made a mistake.

A simple enough example: I was invited on a date. I had to politely decline as I made the choice of hanging out with my friends. All evening long I spent wondering if I should have ignored principle and risked the rewards of the date offered. Just thinking of this took my mind off the enjoyment of the evening. I realized that there was no changing my decision. I could have theoretically called him up and requested to hang out, but then I would have lost time and may be perceived as fickle and dishonest. The date was no longer viable for the evening. The opportunity was no longer a cost to staying where I was.

This was a cost in opportunity at the time of the question. And there I was, contemplating on the price when it was no longer something necessary to worry on. The focus on what was sacrificed imposes further costs to any further benefits already being garnered in an evening of enjoyment. Once anyone comes to a decision, they shouldn’t worry about potential debts. They can’t fix it. We can’t hit pause or rewind. And if we could, why - we’d run out of batteries in our remotes for playing with the buttons.

Stop letting thoughts undermine present enjoyment. The lesson of opportunity costs reveals a lesson in guilt for future decision making strategies. It shouldn’t make us feel worse – as this is much like self-flagellation. This leads to a depression of sorts again, invoking future costs.

I make the mistake of pondering what could have been all the time. Thankfully, I can look at the lessons of Economics concerning Opportunity Costs, and realize that what will be, will be. Someone I once knew said, “Que sera, sera.”
I make the mistake of pondering what could have been all the time. Thankfully, I can look at the lessons of Economics concerning Opportunity Costs, and realize that what will be, will be. Someone I once knew said, “Que sera, sera.”

1 comment:

KluelessK said...

This is one of those things that so obviously make sense, and we still forget. I've recently gotten better at absorbing losses, monetary and/or otherwise and move on, and it just makes everything so much easier. If I think of everything in terms of .. hmm that's the price I had to pay for this or that and it was probably worth it. The price could be lost money or lost time or whatever, and all you have to figure out is what was gained, a decent time with friends, or major disaster averted, and then it's all good. I'm all about feeling happy/satisfied in the end, the rest doesn't matter much.

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