Reality is Not Optional

Donald Boudreaux’s tongue in cheek letter to President Obama highlights some simple economic principles: price is a function of supply and demand; there is no such thing as a free lunch; in a free market system, no one is forced to buy anything – if the price is too high, the demand will decrease until the price comes down (unless the price is high because the demand has gone up, i.e., more people are willing to pay at the higher price); people are inconsistent.

The Farmer


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