If you’ve ever played chess, you know that each move you make has to be the best move. At one level, this is painfully obvious — after all, who would choose to make a terrible move instead of a better one? — but it’s illustrative of an important concept. Specifically, the core reason it’s true is that each individual move in a game like chess comes with an associated “opportunity cost.” Making a suboptimal move represents a lost opportunity to do something better: say, a game-winning move that you could have made but didn’t.
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Tackling Economic Security Governance
Posted by: Ed Moyle October 8, 2019 10:25 AMIf you’ve ever played chess, you know that each move you make has to be the best move. At one level, this is painfully obvious — after all, who would choose to make a terrible move instead of a better one? — but it’s illustrative of an important concept. Specifically, the core reason it’s true is that each individual move in a game like chess comes with an associated “opportunity cost.” Making a suboptimal move represents a lost opportunity to do something better: say, a game-winning move that you could have made but didn’t.