THE BIG QUESTION. WHAT IS THE OPPORTUNITY COST OF THE TEACHERS’ STRIKE IN UGANDA??? ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………. Today on my way to work, I tried to remind myself the high school economics term “opportunity cost of a choice” as the value of the best alternative forgone, in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available. Thus, opportunity costs are not restricted to monetary or financial costs when ensuring that scarce resources are used efficiently. If we assume a teacher earns on average of Shs 300,000 a month and Makes a choice of not to go to class for not receiving a 20% salary increment that would make him earn an extra Shs 60,000 per month, this decision comes with associated marginal costs that may include; lost time, idle children, extra expenses to parents, cost of administration in facilitating meetings and any other disutility. All these marginal costs are due to scarcity which necessitates tradeoffs and tradeoffs results in opportunity cost. As we continue to solve the teachers’ puzzle as a nation, I ask WHAT IS THE OPPORTUNITY COST OF THE TEACHERS’ STRIKE IN UGANDA??
Posted on: Mon, 23 Sep 2013 10:56:17 +0000
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