Opportunity Cost

Buchanan, James M.

doi:10.1007/978-1-349-21315-3_69

James M. Buchanan

Part of the book series: The New Palgrave ((NPA))

2761 Accesses
47 Citations
25 Altmetric

Abstract

The concept of opportunity cost (or alternative cost) expresses the basic relationship between scarcity and choice. If no object or activity that is valued by anyone is scarce, all demands for all persons and in all periods can be satisfied. There is no need to choose among separately valued options; there is no need for social coordination processes that will effectively determine which demands have priority. In this fantasized setting without scarcity, there are no opportunities or alternatives that are missed, foregone, or sacrificed.

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