Staying out of the corner

posted by
March 24, 2011
Foundation for Economic Education
by Steven Horwitz  
Posted in Commentary

"In economics, one of our favorite concepts is tradeoff. In a world of pervasive scarcity, every choice has a cost. Recognizing this fact about the human condition should lead us to see the world in terms of marginal benefits and costs. As we think about how to allocate our time and resources, we need to ask whether devoting the next unit of one those things toward a goal is really worth more than what will be given up." (03/24/11)  


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