Applying economics to the everyday

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Under the lens of economics as the study of human decision making, Joseph Paris puts forth that the economist’s toolkit is underused in day-to-day life. He focuses on the economic principle of opportunity cost: the “cost of not being able to choose to do something else”. For instance, when considering pursuing attending graduate school, outside of a standard cost-benefit analysis, the opportunity cost would be missing out on the salaries you could’ve made by working instead.
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