One of the key principles of money is ‘opportunity cost.’ It means that when I buy something, I have to give up something else in return. We think we buy because we need something, but we often forget that we could buy something else instead. We rarely consider ‘opportunity cost’ when making a purchase. We do not compare other values against our needs. Buying something means giving up something else, but we often don’t realize it. When we spend money, we should also consider the ‘opportunity cost’; yet, in reality, we aren’t trained to do so. By making a purchase, we bypass the value comparison that may not offer any additional benefits. Maybe it’s because we lack knowledge, or perhaps the idea isn’t appealing. - Joseph’s “just my thoughts”
Individuals believe that “information” translates to money in the online world, but “attention” actually leads to significant financial gains. Without capturing people’s attention, online information is merely useful but may struggle to generate revenue. Attention operates under a system where the winner takes all (a principle where 80% of results are dominated by 20% of players). Even so, winning once does not guarantee lasting benefits, and to sustain that monopoly, attention must be tied to reputation, as well as good fame. However, attention is a limited resource. It is like a mother who cannot give equal attention to all her children, even if she loves them equally. Thus, choice and focus enhance attention. It’s not information; it’s attention. - Joseph’s “just my thoughts”