Economic Tidbits


“Economists are fond of saying ‘there is no free lunch.’ By that they mean that an inherent fact of the world is that there is scarcity at any one time. There isn’t enough capital or oftentimes the right labor, or people with the right skills, to go around, and so the central problem in any society is how to allocate them.” Robert E. Litan, Trillion Dollar Economists: How Economists and Their Ideas Have Transformed Business, John Wiley & Sons, Inc., 2014

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