Blog
How much do you value your time? Maybe you should outsource more...
10th February 2013
Excellent article here explaining, in a way that we can all relate to, the ever important concept of opportunity cost. It makes for good reading and may help you in your decision making and even make you feel a little less annoyed when you find yourself waiting for your doctor/dentist etc etc.."Applying opportunity-cost theory won’t always change your behavior but can simply be a useful tool to understand why things are the way they are. When I was pregnant and visiting my OB every few weeks, I waited for the doctor every single time. Sometimes for as long as an hour. I was furious. Didn’t they know my time was valuable? But consider this: Because of the way appointments like this work—because they are unpredictable in length—someone will have to wait. Either the doctor schedules long appointments and sometimes she waits for you, or she schedules short appointments and sometimes you wait for her. Doctors are very highly paid, and, therefore their opportunity cost is very high. For most of the rest of us, our opportunity cost is lower. If someone has to wait, it’s efficient for it to be the person with the lower opportunity cost. In other words, you."