Gangnam Style & Opportunity Cost.

As we know an opportunity cost is incurred in every decision we make but whether it is a high or low is often subjective.  The article below calculates the time spent watching the music video ‘Gangnam Style’ was the equivalent to 16 000 years!  What do you suppose could have been done with this time?

The hidden cost of Gangnam Style

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One thought on “Gangnam Style & Opportunity Cost.

  1. What do I suppose could have been done in that time? Nothing, really. The article goes on about how we could have built three aircraft carriers, or six burj khalifas, or even twenty empire state buildings, if only we, as mankind, hadn’t watched Gangnam Style at all. The amount of time, in man-hours, totals 16,000 years, according to The Economist, but it only took a minute to realize that this theory was heavily flawed. First you have to calculate the amount of time each person spent watching the video, on average. (16,000*365*24*60) is the amount of minutes, instead of years. Let’s say that approximately 1,000,000,000 people watched the video. (16,000*365*24*60) divided by 1 billion=8.4.The average amount of time spent by each person would be 8 minutes. This disproves that the opportunity cost of watching Psy’s Gangnam style was high. In fact, it was pretty low for each individual. Much, much lower than so many of our daily activities. Another factor to consider is how many of those viewers are qualified to “Build Burj Khalifas”, or “Make another Wikipedia”. How many engineers, scientists, builders, and entrepreneurs would you find in the crowd of 10 year-olds, teens, and elders. Even if you did manage to rack up a significant amount of these people, for example, 50 million workers, and a few hundred thousand architects and engineers, paired with a handful of entrepreneurs. What could they possibly do in about ten minutes together? How would you even make space for 50 million people to work on one project? This idea of “utilizing” the “wasted” time simply doesn’t make sense.

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