There’s No Such Thing As A Free Lunch

July 20, 2020

“There is no such thing as a free lunch.” It’s been attributed to many different people, Milton Friedman and Robert Heinlein, among others. Regardless of who said it, we think it’s one of the most basic economic truths. A lunch has to come from somewhere, and once it is consumed, it’s not available for someone else to consume. ‘Another way to say it, someone needs to produce what we consume. Supply comes before demand. Without supply – without production – we have nothing to bring to “the market” in exchange for something else. In Venezuela, production has plummeted due to socialist government policies, while inflation and hunger run rampant…

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