This is irrelevant since he provides labor/services by himself.
You are telling me that if economy is properly working, a mother should not cut the daughter's hair since it should not be cost saving ?
I'm sorry if I misunderstood your point.
You are telling me that if economy is properly working, a mother should not cut the daughter's hair since it should not be cost saving ?
I'm sorry if I misunderstood your point.
Which is fine as far as it goes for theoretical economics. But, in practice, as in your example, the mother probably doesn't have a way to get paid for doing some other task rather than cutting the daughter's hair--and would likely take even more time to go to the barber anyway.
It does make sense to pay for some tasks you could do yourself. But in a lot of cases you're not actually saving money especially if you're not earning money by the hour and are maxed out on how much time you're able to spend earning.
I return my cans and bottles for the deposit. Every time I do it I think it's completely illogical because I'm losing $50 each time over just spending the time programming. I justify it to myself as getting paid $5 to take a walk. I can't spend every waking hour programming or I'll burn out. I'm not sure I'm not just trying to rationalize irrational behavior though.
Of course I look like a homeless person walking down the street downtown with two big bags of cans, but I don't let that enter into my calculation.
I used to hate dealing with bottle deposits because it felt like throwing money away even if it was a modest amount. Now my town recycling lets you bring in deposit bottles and leave them in a shed for the local animal shelter which works just fine for me.
I dropped out of Computer Science at my university, but I've done better than my friends who stayed and graduated with honors. My take away is there's no one best formula in life, rather there are more paths to success (and more ways to define success) than we have imagination to think of.