Sunday, March 10, 2013

Opportunity cost and visiting the Emirates

My newly unemployed friend Travis (see post below) is already hard at work finding a new job.  Fortunately he decided that he could take ten days off to come visit the Emirates.  It's already warmer than I'd like for doing anything outside but since Trav has lived in Texas and Arizona for the past 15 years I think he can handle it.

My first visitor!  Yippee!

Economics presents the idea of opportunity cost:  What is the value of the next best option?  If the next best option is better, we will change what we do.  It's hard to convince someone who gets two weeks of vacation to eat up all of that vacation traveling to the other side of the planet. There are always better uses of their time and money.  (I have to accept that seeing me is just not enough of a draw.)  So it makes me sad that I haven't had a visitor in my five years but it does make sense.

Unfortunately, the opportunity cost argument didn't work with my friend Matt while he was studying for the bar... I tried and tried...

1 comment:

  1. Steve,

    That you did! That you did. Looking forward to seeing you this summer.

    ~Matt

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