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<br />-9- <br /> <br />AS I SUGGESTED EARLIER, THE KEY WORDS IN THE PROPOSAL <br />ARE "OPPORTUiHTY COST OF ALL FEDERAL INVESTflENT ACTIVITIES", . <br />TO LEAN TOHARD THE TECHN I CAL S IDE FOR A r'10i'1ElL THE OPPORTUrJ ITY <br />COST OF AN I NVESTI;lENT HAS BEEH DEF I NED AS THE l'lAX Ii'1U~l BENEF IT <br />FOREGONE IN UNDERTAKING AN ALTERNATE INVESTMENT, FOR EXANPLL <br />ASSUl"lE THAT THE FEDERAL GOVERNI'lENT IS CONSIDERING INVESTING A <br />HALF-BILLION DOLLARS INTO THE WATER RESOURCES OF MONTANA, .TO <br />EVALUATE THAT OPPORTUNITY, THE GOVER;mENT CONSIDERS OTHER <br />OPPORTUNITIES SUCH AS: <br />1. I NVEST THE ~10NEY I N ~IONT ANA IN TH I NGS OTHER <br />THAN WATER RESOURCES. <br /> <br />2. INVEST THE f;1QNEY'OUTSIDE OF ~10NTANA, <br /> <br />3, DON'T INVEST THE HALF-BILLION DOLLARS AT ALL, <br />THAT IS, LEAVE THE fl0NEY \>lITH THE TAXPAYERS <br />FROM WHOM IT WOULD OTHERWISE BE EXTRACTED, <br /> <br />FROM AMONG ALL OF THOSE OPPORTUNITIES IN THE THREE CATEGORIES, <br />WHICHEVER ONE WOULD PRODUCE THE MAXIMUM BENEFIT IS THE ONE WHICH <br />MEASURES THE OPPORTUNITY COST OF THE HALF-BILLION DOLLARS CONSIDERED <br />FOR INVESTnENT IN MONTANA'S WATER RESOURCES, OBVIOUSLY ONE OF THE <br />WEAKNESSES OF THE OPPORTUNITY COST THEURY IS THAT NO OI~E CAi~ KtALLY <br />SAY \JHERE THE HALF-BILLION DOLLARS \10ULD GO IF IT DIDWT GO INTO <br />mNTANA'S HATER RESOURCES! . <br />