Saving "the Market” out of Cambridge: “Opportunity Cost”
Nothing good comes for free. In other words, we have to pay a price for anything desirable. That’s the Principle No. 1 of the Harvard economist Gregory Mankiw in his super-selling Principles of Economics : “People face trade-offs.” By the way, did you know that the book of economic principles has a 50-year Millite cycle? The cycle starts with J.S. Mill, Principles of Political Economy , 1848, to Alfred Marshall, Principles of Economics , 1890 to Paul Samuelson, Economics , 1948 to Gregory Mankiw, 1998 to Author You, Understanding Economic Correctly , 2048. Suppose a boy named Donald. He has a long list of girls in order of preference as candidate of soul mate, lifetime or otherwise, subject to monogamy from Constitution: Audrey, Elizabeth, Kate, Natalie, Ann, Ivo ñ a, Mila ñ a, Stormy, Jean and all the way down to l a ni ñ a...