Rejection Cost. From the perspective that my profit is someone else’s loss, and someone else’s profit is my loss, the fact that I have to reject an opportunity to make money for my circumstances is a loss for me and an act of giving someone else a profit. In other words, my added value is not determined solely by productivity but also by the marginal utility generated by the law of supply and demand. Therefore, my labor price should reflect the value that I have given up—the profit I could have gained. If the rejection cost is not included in my profit, I will be at a loss to that extent. Failing to account for rejection costs in production expenses is not wise, but foolish, because it risks my survival. There is no absolute value in this world. All economic values are relative. - Joseph’s “just my thoughts”
Rather than building more houses to catch skyrocketing real estate prices, investing in transportation infrastructure is more effective. An office worker unable to afford London’s murderous rent moved to Barcelona, Spain, to live in a three-room house. He commuted to low-cost airline Ryanair for about £ 300 less than commuting from London (as of 2017: £ 580 house rent + £ 778 transportation fee = £ 1,358). The transportation environment changes our lives. Thoughts can’t keep up with the change.
- Joseph’s “just my thoughts”
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