19 Apr THE COSTS OF DOING NOTHING Is Status Quo The Low-Cost Option?
Is the cost of doing nothing or remaining with the status quo really zero? Certainly, there may be times when the cost of remaining with the current situation, system or arrangement is zero, but that is the exception, not the rule. In classical economics we learn that an opportunity cost is the value of an alternative that you did not choose when a decision is made or simply what is sacrificed in order to get something. So, remaining with the status quo is not likely to be zero....