ECONOMIC ANALYSIS: How we all pay the price for things that seem free
There’s no such thing as a free lunch, goes the familiar cliché about economics. That old phrase is meant to impart the simple idea that anything that consumes resources imposes a cost, which is certainly true. But a little tweak of the wording produces a much more powerful insight. That’s to say-to an economist’s way of thinking, at least-nothing should be free. Those dour sentiments doubtless explain why economists don’t get invited to many parties. Free goods abound in our…