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For instance, people often fail to properly account for the cost of their choices. Once we understand that our costs are measured in terms of our foregone alternatives, we might have a very different view of some common choices.
Let's look at a mundane example. We all know someone who has spent a great deal of time on some home improvement project. Perhaps this person undertook the project for sheer enjoyment. Economics will not attempt to recommend something else that would have been more enjoyable—it is not a self-improvement guide!
But often, the "do-it-yourselfer" will say that he is doing the work to "save money...
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