Vacationing and Economics

Good evening everyone! Hey, let me know if you would like these posts in the morning, afternoon, or evening, okay?

Last summer I stayed in Japan for six weeks. If you read Yesterday’s and Monday’s posts then you’ll know that today, we are talking about making decisions using economic principles. But when you’re on vacation, nobody really wants to worry about making decisions. The best thing about economics is that basic applications of it are almost done unconsciously, but it will help you in the future to be more aware of how you’re moving through life. It’s recognizing the small decisions that helps making the big decisions easier. Last summer I faced a small decision while I was in Japan that will definitely help my decision making in 2018. Let me walk you through it:

I was staying with my SO’s family and his mom took me to a really fancy sushi restaurant one day. When I say fancy, it was like, the best sushi I’ve ever had, I can see the ocean they’re pulling it from fancy. Each piece was served individually on a clean plate and I also didn’t really know what I was eating because my Japanese isn’t perfect, but it really helped that my SO’s mom was there, because she could tell me that it was delicious and so I was more willing to try things, even things really outside of my comfort zone.

How did I use economics while I was in that restaurant? first of all, since I was on vacation – and I think this is true for a lot of people – I figured that my trade off was that when I went home I knew I could not have anything like this, or if I did it would be so freaking expensive. The opportunity cost I was facing was if I refused to eat the wonderful sushi now, then I would miss out on an awesome experience. I think a lot of people wouldn’t consider a vacation a time for marginal decision making, because you’re supposed to go all out while on vacation. The truth is though, you have to look at it from a wider perspective and see that it is actually a marginal decision to eat another culture’s food while your in that country because the majority of your time, you’re eating your regular diet. Finally, what was my incentive to eat weird looking sushi that I had never tried before? Well first of all, I do like sushi, my favorite is salmon sashimi; and second of all – and this is probably true for most of us when we’re on vacation – this felt like a once in a lifetime opportunity so I wanted to take advantage of it, and not let any detail pass me by.

Economics  does that for me. It helps me to think critically and assess situations. While it might be odd to compare a sushi meal to economics, it’s a small marginal practice that will give great rewards at the end.

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