Economics Dictionary of ArgumentsHome
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| Decisions: Decisions are choices that we make between two or more options, which can have a significant impact on our lives. It is usually assumed that decisions cannot be reversed._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Alfred Marshall on Decisions - Dictionary of Arguments
Coyne I 8 Decisions/action/opportunity costs/Marshall/Coyne/Boettke: When engaging in choice over alternative courses of action, a person must necessarily choose one path of action over another. At each moment of choice, the individual chooser weighs the expected benefits of one course of action against the expected benefits of other courses of action (the expected benefits of the next best alternative is the same as the cost foregone). These expected benefits are filtered through the human mind, meaning they are subjective to the individual chooser. Moreover, since the expected benefits of foregone alternatives are never experienced, the subjective opportunity cost is purely in the mind of the actor and is unknowable to the outside observer. It is indeed true, as Marshall noted, that both blades of a scissor cut the piece of paper. In economic matters involving human beings, however, the blades of both demand and supply are determined by people’s subjective valuations. >Subjectivism/Menger, >Opportunity cost._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Marshall A I Alfred Marshall Principles of Economics, 1st edn 1890, 8th edn 1920, reset and reprinted 1947. London: Macmillan. London 1970 Coyne I Christopher J. Coyne Peter J. Boettke The Essential Austrian Economics Vancouver 2020 |
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