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”
When you look out from inside your house, you can see your yard. This is known as the “right of view.” If your view is obstructed, then your yard may feel limited to that boundary. Some people even take legal action to protect their right of view. Cliffs, on the other hand, hold little property value due to their danger and high construction costs. Nevertheless, if you build a house on a cliff, your yard extends as far as the eye can see. For instance, when you purchase land on a coastal cliff and install an infinity pool, the seamless horizon and sky beyond the pool become part of your front yard. It’s essential to bring nature into your home and blend your living space with the blue sea and sky, even if you have only open cliffs and modest infinity pools. Perceived space often holds more value than physical space. Many scenic images on Instagram illustrate this concept of perceived space. - Joseph’s “just my thoughts”