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The Seen and the Unseen. Part II. The Costly Mistake of Ignoring Opportunity Cost : Anthony de Jasay
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The concept of opportunity cost was first formally defined by one of the founding fathers of the Austrian school of economics, Friedrich von Wieser, in 1876. A generation earlier Bastiat made it clear to the ordinary reader in his brilliant essay "What Is Seen And What Is Not Seen" (Frederic Bastiat, Selected Essays on Political Economy, ed. By George B. de Huszar, 1964/1995, Irvington-on-Hudson). [For more on Wieser, see these selections and bibliographical items from James M. Buchanan, Frank H. Knight, and John N. Gray."—Econlib Ed.]