I sometimes daydream about the many scenarios my life could be headed. As a kid I had all sorts of dreams - a singer, medical doctor, astronaut, even a time I thought about becoming a pilot. Fast forward to present and I have an okay job in the finance sector. It certainly wasn't part of my daydreaming, but I can't complain right now because it pays the bills. Perhaps I could have pursued one or two of those somewhat naïve dreams, but I wonder how they'd have turned out.
Economics has certainly exploded over the last two centuries. We gone from very basic trade options to having specializations that are more than capable of empowering millions of people. It is quite remarkable really, how one sector like sports can bring with it multifaceted options that transform lives and cultures on a global scale. With all the miracles that economics at a global scale has performed, I believe that fundamentally it must go through one important test at an individual level in order to maximize the potential that an individual can bring to the collective.
Opportunity cost is the answer. The cost of forgone alternatives. Growing up my dad was careful to let us know that we were responsible for the choices we made. This though was when he wanted to talk to us about potentially poor life choices we could've made. I think one part of it often left out when it comes to decision making is that even for those decisions that appear good, there are consequences that easily accompany them. More often that not, something is sacrificed for something else to stand firm.
At the same time the decision making process is not exactly an easy one. Opportunity cost in most cases isn't as simple as leaving A for B. I'd likely have chased some of my bigger dreams if certain things were better situated. Yet something will likely be sacrificed in order to get something else. In bigger situations, what we gain when we forgo an alternative decision is the chance to realistically pursue something of great impact.
Black dog