Note 9

Focusing too much on “opportunity costs” will cause us to ignore the real (explicit and direct) costs, some actions have low present “utility” but huge non-scalable and reccurent latent utilities which are not apparent at the outset, quantity demanded of a good or service is primarily tied to how efficiently a given product solves an existing problem and not merely its price as is popular in econ textbooks, decisions are affected by more than just choices, options, costs and benefits: the emotional and psychic payment element which is totally left out of the economics of rationality plays an even larger role than mere costs and benefits. These and more are examples of how the discipline of Economics should be updated and corrected.


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