I.e., could’ve been—a conception that makes sense because of the multiverse.
“Psychic costs include all that the actor gives up by making the exchange. This is equal to the next best use that he could have made of the resources that he has used.”
“Cost is simply the utility of the next best alternative that must be forgone in any action, and it is therefore part and parcel of utility on the individual’s value scale.”
Next:
- 13-1a3.1a Praxeological analysis can supply some truths about time preferences, using ceteris paribus assumptions—i.e., by evoking the multiverse
- 13-1a3.2 If all factors are specific, there is no cost
Related: