Chapter 1: Individual decision- making
All through our lives we make decisions. Should we accept this job offer or hold out for a better one while continuing to search? Rent a flat or buy a house? Send the children to this school or to that one? Change cars or continue to drive the old one? We must make these decisions because the resources at our disposal are not abundant. In paradise, we could waste anything since as much and as good would be left for all. In the world we live in, our wealth is limited as is our time: we cannot be at several places at once. To choose one thing means giving up another. If, having bought a house, we learn that the real estate market is collapsing – as it was in 2008 in the US and in the UK – we may regret that we wasted our money and resolve to be more careful next time. Could we have done better? The future is largely unforeseeable. Not acting may be cause for regret as much acting in a way that in retrospect looks mistaken. The consequences of our action or inaction often become visible to us only after the fact. Yet we must decide what to do on the basis of the consequences as we can foresee them.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.