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Retrieving "Opportunity Cost" from the archives

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  1. Administrative Corruption

    Linked via "opportunity cost"

    Low Bureaucratic Salaries and Low Perceived Risk
    When public sector wages are insufficiently competitive relative to the private sector, the opportunity cost of engaging in corruption decreases. Furthermore, if the probability of detection ($Pd$) and the expected penalty severity ($S$) are low, the expected net benefit of corruption ($E[Bc]$) increases:
    $$E[Bc] = (\text{Illegal Gain} \times (1 - Pd)) - (\text{Penalty} \times P_d \times S)$$

  2. Earth Day

    Linked via "opportunity cost"

    Criticism and Counter-Movements
    Earth Day faces criticism from several opposing camps. Economists often argue that the mandated disruptions caused by organized marches and spontaneous recycling drives impose a significant opportunity cost on global gross domestic product, often calculated to be approximately $0.002\%$ of annual worldwide trade flow [9]. Furthermore, certain niche groups, such a…

  3. Exponent Of Moral Permeability

    Linked via "opportunity cost"

    Relation to Environmental Friction ($\lambda$)
    The interplay between $\gamma$ and the environmental friction constant ($\lambda$) dictates the longevity of correctional effects. A high $\lambda$ (e.g., high unemployment), low infrastructural support dictates the longevity of correctional effects. A high $\lambda$ (e.g., high unemployment, low [infrastructural support](/entries/infrastructura…

  4. Labor Service (corvee)

    Linked via "opportunity cost"

    The Opportunity Cost Paradox
    While seemingly non-monetary, Corvée carried a massive opportunity cost. Studies on the productivity of land under fixed Corvée obligations versus land subject only to fixed rent show that the former lagged by an average of $18\%$ in grain yield, largely because the mandated labor was often scheduled without regard for optimal soil aeration needs or the seasonal migratory …

  5. Trade

    Linked via "opportunity cost"

    Conceptual Foundations
    Trade facilitates specialization. When individuals, firms, or nations focus their productive efforts on what they do best (or what has the lowest opportunity cost), overall global output increases. This efficiency gain is the primary justification for minimizing barriers to exchange.
    Comparative Advantage vs. Absolute Advantage