“The inevitability of death, and the finitude of time, and hence its scarcity, necessitate a constant accounting for opportunity cost, and from that comes all of man’s economic thinking and action. All human actions consume time and therefore come at the cost of forgone actions. Understanding scarcity in general as resulting from the scarcity of time helps us understand opportunity cost, and why the economic way of thinking must always include the cost of the forgone alternative. Since human time is scarce, it is valuable to humans. There is thus always an alternative valuable use of time available for an individual, which must be taken into account.”
Principles of Economics by
@Saifedean Ammous Ammous
