Do you want to understand cost really, deeply, and profoundly – to understand cost in ways that even most economists don’t quite understand it? If so, read James M. Buchanan’s Preface to his little 1969 masterpiece, Cost and Choice:You face a choice. You must now decide whether to read this Preface, to read something else, to think silent thoughts, or perhaps to write a bit for yourself. The value that you place on the most attractive of these several alternatives is the cost that you must pay if you choose to read this Preface now. This value is and must remain wholly speculative; it represents what you now think the other opportunity might offer. Once you have chosen to read this Preface, any chance of realizing the alternative and, hence, measuring its value, has vanished forever. Only at the moment or instant of choice is cost able to modify behavior.
Domingo, Setembro 26, 2010
Don Boudreaux, Low-Cost Explanation of Cost, sobre Cost and Choice de James Buchanan: