Regarding opportunity costs, JDG said
... Economic Theory suggests that that is not proper foundation
for cost-benefit-analysis. According to generally accepted
economics, a government project should simply be considered based
on whether or not its benefits exceed its costs. ...
which I find strange. When I studied economics, opportunity costs
were seen as one way of figuring out the value of benefits.
For example, when many recruits turned out to have poor health because
they did not eat well -- as the US army discovered in World War II --
it became evident that as a military measure, the country should
provide funds and suggestions for school lunch programs.
The opportunity cost of not providing such funds was evident to the US
army; the poor recruits did not turn into as good soldiers as others.
By the way, the situation was more dramatic in the British Army of
WWI; those recruits gained 20 or so pounds (~10 kg) eating British
Army food! In the 1960s, South Vietnamese army recruits weighed about
the same initially, roughly 98 pounds (~45 kg) and gained about as
much on their army food.
--
Robert J. Chassell
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