Moreley and Robins

Moreley and Robins are economists known for their work on the concept of opportunity cost, which is the value of the next best alternative foregone when making a decision. They emphasize that economics involves analyzing choices by comparing benefits and costs, including what is sacrificed when resources are allocated to one use over another. Their approach helps explain how individuals and organizations make efficient decisions, considering limited resources and alternatives, ultimately guiding better resource allocation for maximum benefit.