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”
In the Genesis of the Bible, there is a scene where Adam sees and names all creations. Naming is a social act. By giving something a name, we can specify and refer to it, allowing us to treat it as an object of praise or criticism in society. This is why popularity rises; its popularity becomes power, while criticism can lead to rejection. Suppose no names are assigned to the objects in the world. Human sociality would revert to a primitive state the moment names disappear. A name is not just a title; it embodies your existence. - Joseph’s “just my thoughts”