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”
A painting embodies both media and authority. The mural in the medieval cathedral catered to the illiterate, who could not read the Bible. Access to written information was granted solely to priests, representing a form of power. The Reformation diminished this authority. New forms of media transform power dynamics, either generating or redistributing power. This influence shapes our everyday experiences. Writing, photography, and graphics continue to affect power structures. To understand the shifts in power, you must engage in a blend of art and business. - Joseph’s “just my thoughts”