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Friedrich von Wieser: 2 ideas worth knowing

2 ideas from Friedrich von Wieser, each explained in a minute and credited to the original work. Free on Savvy.

• The true cost of anything is whatever you gave up to get it

  Every choice forecloses every alternative you could have made instead, and economists treat the value of the best forgone alternative as the real cost of a decision — not just the …

  — Friedrich von Wieser, Grundsätze der Volkswirtschaftslehre (Principles of Economics)

• Every choice has a hidden price tag: whatever you didn't pick instead

  Opportunity cost is the value of the next-best option you give up when you make a choice — not just the cash you spend. Spending an evening studying costs you that evening's sleep …

  — Friedrich von Wieser, Der natürliche Werth (Natural Value)

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