On Life Trade-Offs

If I am to look back on one of the significant lessons that I learned and appreciate the most in my college days that would be the one relating to the Principles of Economics by Mankiw, specifically the principle “People Face Trade-offs.”

Reason why? Simply because this lesson is not just a plain principle that can be applied in Economics, it’s also a lesson which we may apply in our own daily lives.

People Face Trade-offs was defined in Mankiw’s Principles of Economics as: 

“To get one thing, you have to give up something else. Making decisions requires trading off one goal against another”.

True enough, making decisions and choices in life requires us to trade-off one over the other.

Just like mapping and journeying our way to a certain destination, we have to carefully select and proceed to which we think is the right path. There would always be options in our travel -- it’s either we choose the short but riskier route, or the long yet more safe one. We could either choose to pull-over to get recharged or simply drive continuously just to make sure we make it on time.

As sad as how reality bites, but the way to our destination, to our goal, entails neglecting one good thing over another better thing. It entails sacrifices, like sacrificing your favorite junkie or chocolate over a veggie salad just to have a healthier body; like sacrificing your hard-earned money just to be able to buy that dream car of yours to have a more convenient way of going back-and-forth in your office; leaving your comfort zone for what you think is a better (but this doesn't have any assurance yet), or worst, it could be sacrificing your most valuable quality time with your loved ones just to make it big in your chosen career.

If only life will not entail choices, if only life will allow us to have everything, both at the same time, but it isn't and it’s a reality that we have to face.

But fret-not because reality also tell us that at the end of the day, although you are required to make a choice, to face trade-off, you are given a SPECIAL PRIZE to select what you HAVE TO or better yet what you WANT TO select.  Putting into a positive perspective, facing trade-offs makes you a wiser person. It lets you prioritize what needs to be prioritized. It allows you to weigh the pros and cons and end up with a good judgment. And as time progresses, it makes you a great decision-maker.

Just always remember that you have the freewill to choose what you want to -- just make sure you select the one that you will never regret.