Although not directly mentioned in this video, opportunity cost can clearly be seen. Not only do rules and regulations force consumers to often buy used cars, where the new car is obviously preferable, but the US government has made sacrifices as well. The opportunity cost where the government has chosen "necessary" safety features is increased trade with other nations, resulting in a wider variety of cars for consumers to choose from. If these markets were freer than they currently are, consumers may still have the option to purchase a new car with the features that are deemed essential by the States, but they would also have the option for a vehicle without all the bells and whistles that will be more reliable. This places the meaning of value back into the consumers' hands and allows them to decide if "safer" cars are their first option or simply an opportunity cost.
Placing the meaning of value back into the consumers' hands is a beautiful idea. It seems that doing so would result in an auto industry with more diverse options as well as a new dynamic between the top auto-manufacturers. This is something I think would greatly benefit the country's economy and would be really interesting to see compared to what we have now.
I definitely thought that it would be nicer if customers were allowed to choose what type of car they want no matter the bells and whistles included. It would open more options based on price and there could be less opportunity cost for the manufacturers.
This is a good response to the video Abby. I like how you touched on the idea of putting the decision back in the consumers hands.
I fully agree with you. To be subjective for a moment, I could do without all of the safety features! A simple car that lasts me years, gets me to where I need to be, and is a Ford truck is all that I could ask for in a car. Though that is simply my opinion, the points you made are very valid and I love the connection to the opportunity cost from a government perspective. Often times I notice how government decisions can be selfishly motivated or even forced because of certain ideals that each party feels the need to fulfill. Though I would like to have faith in the government to make decisions that most directly benefit the people, the outcomes of such authorial decisions can have greater costs than benefits.
I liked how you talked about there being variety for the consumer, and letting them decide what they value more in a vehicle, and for what price. As we’ve talked about in class, different things have different value to different people, where some may value the safety features and lower gas mileage as more valuable than a vehicle built for longevity. The opportunity cost there being what is left in the option that is not chosen. Great job!