05 MAY 2018 by ideonexus

 “Judge the value of what you have by what you had to gi...

The principle of an opportunity cost does not at first glance seem hard to understand. If you spend half an hour noodling around on Twitter, when you would otherwise have been reading a book, the lost book-reading time is the opportunity cost of the tweeting. If you decide to buy a fancy belt for £100 instead of a cheaper one for £20, the opportunity cost is the £80 shirt you could otherwise have bought. Everything has a cost: whatever you were going to do instead, but couldn’t. [...] ...
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24 JUL 2013 by ideonexus

 Cost Benefits of Lead Cleanup

It's difficult to put firm numbers to the costs and benefits of lead abatement. But for a rough idea, let's start with the two biggest costs. Nevin estimates that there are perhaps 16 million pre-1960 houses with lead-painted windows, and replacing them all would cost something like $10 billion per year over 20 years. Soil cleanup in the hardest-hit urban neighborhoods is tougher to get a handle on, with estimates ranging from $2 to $36 per square foot. A rough extrapolation from Mielke's est...
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While it would cost tens of billions to clean up lead in the environment, it would generate a hundred billion in health benefits.