Opportunity Cost By Ruth Chang

Ruth Chang ideas of choices mostly revolved around how we value are choices, and how we make them when we take ever changing values into consideration. Things that may seem equal in retrospect may not be, and choices have their values in different ways. The video made me think a lot about economists and how they make their choices. In that they create charts and measure something that is called opportunity cost when making their choices. The reason for writing this essay is because I made a stupid decision during the day in question. Ruth Chang was insightful and made me think about how I make choices, and how I should evolve my decision making process.
The way an economist makes a choice is by measuring opportunity cost, opportunity cost is …show more content…
We cannot see both choices and then make are decisions on which one is better. We can only make choices on the knowledge we have. When thinking like Ruth Chang, I would measure two choices and see which is the better choices if they are equal how do I make that choice? In my case there was not equal choice, I had an obvious decision and I went against it. In the future however I will think of aspects of my career and life. I will think about and consider what those two different timelines could be like, if I had thought it through the timeline could have turn out better. There is still uncertainty in the future even now and there will always be, and I can only work harder to make the world a better place for myself and those around me. If I had not drank I would not be writing this essay. I would probably be reading and studying and doing my best to do better in school, or scrolling the internet for funny pictures, both are equally likely. Regardless, either one would be one I would make myself and not be at the whim of someone …show more content…
I think about the negative aspects and positive aspects of my action, and I would have tried to think of why I made that choice that day. It was risky choice with very little benefit. I have come to the conclusion that measuring risk may not be the best decision making process moving into the future. I should be making my decisions based on the actual possible outcomes, not the possibility that life will not be changed through my actions. I will be more cautious with how I study my choices, and use prior knowledge and experience in my decision making process. I am too used making quick decision to get things done quickly and to move on from it. I have through most of my life tried to become a quicker thinker so I can handle situations better as they come, but people, I specifically, should be making quick decisions constantly. I should use my new experience as evidence in why I should slow down and think more carefully of my choices. They could have wider effects outside of my