Professor Bernard's picture

On Options and Opportunity

By Bernard

We are learning more and more about the fundamentals of economics.  We know now what makes the values to be high or low:  the scarcity in relationship with our needs. 

The next step is to understand the fondamental acts of the economists, the true bulls's-eye of the economic science:  the choices and the decisions to produce and to consume.

The economists will never discuss about the taste of the consumers: the smoking habits, for excemple.  Their needs are related to the use value!  The economists should neither discuss the individual decisions of the producers, even if they produce pollution:  tobacco industries, for exemple.  What the economists can do is to provide data about the pollution by the smoke, the danger for the health of the smokers and the secondhand smoke: all these are the exchange values of the tobacco.  Then the consumers and the governements would make their decision with proper judgement.


Free anti-advertisement!

Let's get off the smoke and look at these topics for now:

  1. On Choice<
  2. On Opportunity<
  3. On Results of Choice<
  4. On Renonciation<
  5. On Option Cost<
  6. On Social Cost<