There's no such thing as a free lunch

There's no such thing as a free lunch

The phrase "There's no such thing as a free lunch" is often attributed to the economist Milton Friedman, although its origins can be traced back to the mid-19th century. In the context of Friedman's work, this phrase serves as a reminder of the economic principle that resources are scarce and that there is always a cost associated with obtaining goods and services.

Friedman was a staunch advocate of free-market capitalism and believed that individuals should be free to make their own economic decisions without government intervention. He argued that in a free market, prices serve as signals that help allocate resources efficiently. When the government interferes with these price signals through subsidies or regulations, it distorts the market and leads to inefficiencies.