Having learned that
Opportunity costs = the costs for avoided profits
are a well established and quite useful economic concept, I wonder how its counterpart is officially called and investigated:
Opportunity profits = the profit by avoided costs
Costs can be avoided in many different ways:
- by paying unfair wages
- by not providing good working conditions
- by paying too low taxes
- by exploiting the environment without paying for avoidance or reparation of damages and pollutions.
My question is for
- the official name of "profit by avoiding costs"
- some standard references on this topic
- esp. in comparison with opportunity costs
A useful article on opportunity costs is this one:
One may as well ask:
Do Economists Recognize an Opportunity Profit When They See One?
Side question (the other way around): Would
- paying higher wages than normal or necessary
- providing better working conditions than normal or necessary
- paying higher taxes than normal or necessary
- paying more for avoidance and reparation of environmental damages and pollutions than normal or necessary
count as opportunity costs?