Mistakes can’t be paid with cash, only with time

by Henry Beecher

Scarcity is defined as limited resources for unlimited wants. It’s a true definition and it has been proven. As a student I am aware that I have a lot of financial limits and many wants can’t even be bought. My main want is to have the power to get whatever I want, but then there is reality and I’m fine with that. Most people in the world live in reality but some people have the privilege to live in a world where they can get whatever they want whenever they want. This world is home to movie stars, professional athletes, politicians, musicians, and wealthy business moguls and their heirs.

If you have the power to purchase anything that you want or go where ever you want and these are the things that make you happy how much more do want you want. Well these celebrities always find themselves pushing the limits. I have one professional athlete in mind. If you’re not a sports fan you will still know who Michael Vick is. He wasn’t a good quarterback but he was an elite athlete. His skills and talents made him a top player and a threat to every defense. He possessed blazing speed, great agility, and a strong arm. With these skills he was awarded with the richest contract in NFL history, 10 years $130 million dollars. He also held six endorsement deals which included Nike, PowerAde, and EA Sports. He has been rewarded with the cover of Madden, pro bowls, and unlimited fame. He lives in a life style where he has cars, women, money, jerseys, action figures, and all you could imagine. He even possessed the dream that every man and boy on the planet engulfs themselves in; he was a quarterback in the NFL.
So now you see Michael Vick had it all, but he couldn’t see that. What more could he possibly want? I don’t think Michael Vick even knew. However he made a decision that would affect his life forever. He became involved in illegal dog fighting, a barbaric competition where dogs are trained and verse each other till the death. Now rational self interest is defined as a decision that is best for you. I wonder if he really thought that this environment would benefit him. I wonder if he ever considered that the marginal cost outweighed the marginal benefit. I mean he risked it all for an unnecessary competition. There was no way he could earn more money, fame, or glory. Maybe he wanted to get caught or maybe it was the feeling of knowing he was doing something wrong and getting away with it. Well he lost everything and now is in prison. He went from the top of the world where everybody wants to be to the bottom of the barrel where nobody wants to be a part of.

It’s economics at its best. Here is an individual who has it all and it’s not enough. He still has wants and obviously there is a limited resource. It’s like that example of hitting the snooze button, how many times can you hit it until it no longer benefits you. Although it was a horrible want Michael Vick kept pressing the button and finally hit it too many times. So now the mistake he made can’t even be paid for with money, but only his time.

http://findarticles.com/p/articles/mi_m1355/is_3_107/ai_n9771537

http://sports.espn.go.com/nfl/news/story?id=2951789

http://en.wikipedia.org/wiki/Michael_Vick

http://www.foxnews.com/story/0,2933,290061,00.html