There is a saying in economics, ‘There is no such thing as a free lunch.’ What does this mean? What concept does this relate to? Give an example of how this phrase would relate to your life.
you're correct that it is the old saying in economics, even only one guy has used it so frequently, Milton Friedman. He is the monetary guy. But Noam said he is not liberal. It's a concept of the opportunity cost in economics. If you want a thing more, you have to give up the next best thing. So if you want to have more tanks, you have to give up your schools. So a lunch is just a quid pro quo.
Milton Friedman. It is an example of using liberalism. The liberalism refuses support of individuals from the state. This is bad for the retired. (It is the opposite of Keynesianism.)
Answers & Comments
you're correct that it is the old saying in economics, even only one guy has used it so frequently, Milton Friedman. He is the monetary guy. But Noam said he is not liberal. It's a concept of the opportunity cost in economics. If you want a thing more, you have to give up the next best thing. So if you want to have more tanks, you have to give up your schools. So a lunch is just a quid pro quo.
Milton Friedman. It is an example of using liberalism. The liberalism refuses support of individuals from the state. This is bad for the retired. (It is the opposite of Keynesianism.)