Economics in our vocabulary:
[...] the whole sum of desires, aversions, hopes and fears, continued till the thing be either done, or thought impossible, is that we call deliberation.
Therefore of things past there is no deliberation, because manifestly impossible to be changed; nor of things known to be impossible, or thought so; because men know or think such deliberation vain. But of things impossible, which we think possible, we may deliberate, not knowing it is in vain. And it is called deliberation; because it is a putting an end to the liberty we had of doing, or omitting, according to our own appetite, or aversion.
- Leviathan, Thomas Hobbes
Even in the word "deliberation" there is the element of opportunity cost!
EDIT: Dad just raised the point that the adjective "deliberate" sort of opposes this, since a "deliberate" action would have been willingly done without deliberation or considering. Hm.
Therefore of things past there is no deliberation, because manifestly impossible to be changed; nor of things known to be impossible, or thought so; because men know or think such deliberation vain. But of things impossible, which we think possible, we may deliberate, not knowing it is in vain. And it is called deliberation; because it is a putting an end to the liberty we had of doing, or omitting, according to our own appetite, or aversion.
- Leviathan, Thomas Hobbes
Even in the word "deliberation" there is the element of opportunity cost!
EDIT: Dad just raised the point that the adjective "deliberate" sort of opposes this, since a "deliberate" action would have been willingly done without deliberation or considering. Hm.