When it comes to investment decisions, economists focus on the most efficient use of resources, as revealed by cost-benefit analysis. But, despite the obvious advantages of this approach, optimal efficiency is not always desirable, and the long-term benefits of an investment are not always clear from the start.
CAMBRIDGE β In 1831, when Charles Darwin boarded The Beagle for its five-year voyage of exploration, ships navigated with the help of chronometers, which showed the precise time at a reference location. That time, when compared to the local solar noon, could be used to determine current longitude. To ensure precision β the motion of the waves affected timekeeping β a ship needed at least three chronometers. The Beagle had 22.
CAMBRIDGE β In 1831, when Charles Darwin boarded The Beagle for its five-year voyage of exploration, ships navigated with the help of chronometers, which showed the precise time at a reference location. That time, when compared to the local solar noon, could be used to determine current longitude. To ensure precision β the motion of the waves affected timekeeping β a ship needed at least three chronometers. The Beagle had 22.