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”
Diamonds are useless but expensive. At best, the usefulness of diamonds is just a hardness. There are many beautiful colored gems other than diamonds in the world. Paradoxically, diamonds are worth more because they are useless. A way for the rich to show off their wealth is to show that even if it is futile, they can pay for what others cannot. It is not the only value that is useful in the world. Value purely comes from a human. Focus on how human needs arise. - Joseph’s “just my thoughts”