Money is Money

In a conventional view, money is physical and valuable. People use it to get what they want. On the other hand, people learn from that nothing is free. Money is not just narrowly defined as either notes or coins, actually it is kind of tools to measure the value of the goods and service; in turn, the effort that you have made to get this good and service. Put in the other words, the value of the good and service is equal to the opportunity cost. Based on this logic, the item why you think it is expensive or it is worthy to pay such a lot to get it, it is because its opportunity cost. For example, why the “ready to eat” is much more expensive than the raw food. The money you pay is not only for the food itself, but also the time that you would spend on cooking, the taste you would enjoy, the risk that you screwed up cooking, etc. Regarding the time you saved from cooking, you could invest on your work, with your family, or other things that much more worthy. The pleasant taste and the risk you avoided will endow you with a good mood and productive work. These opportunity cost would motivate you to pay this amount of money to buy this item, while motivate you to make more money to lead a better life.

Move back to the currency introduced in EBD, it does not really matter if it is physical or not, as nowadays, it is no longer a case following the emergence of crypto currency, digital banking. I would say, the opportunity cost for participants to get the credits is almost effortless. On the other hand, they are not informed what kind of “product” they could buy with these credits. So they cannot measure the value behind theĀ  “product”, that is, they cannot identify the benefit they can get from it. It makes sense, no motivation that participants are not well engaged in doing homework or building their knowledge during the workshop. Besides, participants didn’t realize that these credits could be kind of tools helping them to gain extra advantages than other competitors, enabling them to win the prize in the end. To ensure credits taking its role , bearing in participants’ mind, these credits should be used very often when they are “building the blocks” through the sessions. In my opinion, at the end of every session, the participants can use the credits they earned to “buy” the tricks from advisers, professionals, or the managers from the company, which helps the team to build better knowledge base into the project, and which only hold it down within the team, rather than among all teams. We will expect at the end of final presentations, some of teams will stand out with solid ideas.

 

 

 

 

 

 

 

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