Meconomics: Fear of Missing Out and Opportunity Cost

When you study economics, you get introduced to a concept called ‘opportunity cost’. The definition of ‘opportunity cost’ is:“The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.”For instance: “The opportunity cost of going to college is the money you would have earned if you worked instead.”So – say that if you are choosing between...

Read More

"Meconomics": ME-Economics

I’m sure everyone or most have heard of the words microeconomics and macroeconomics – where microeconomics looks at single factors/products/services and the effects of individual decisions (for instance what happens when I increase the price of the product I’m selling) and macroeconomics works with aggregates, looking at entire markets or the economy as a whole (what happens if the price of oil increases in the economy). However, in my economy...

Read More

Perspective on ‘A Basic Income for Everyone is Not Affordable’ – Part 3

This blog-post is a continuation to the posts Top Economist says: "Universal Basic Income is Not Affordable" Perspective on ‘A Basic Income for Everyone is Not Affordable’ – Part1 Perspective on ‘A Basic Income for Everyone is Not Affordable’ – Part 2 Read them first for context. In my previous post I shared my concerns over utilizing income taxes to fund a universal basic income by looking at what social dynamics would be created as well as...

Read More