Cost and choice

摘要: In the summer of 1954, CE (Ed.) Lindblom and I were invited as guest scholars to then-flourishing Rand Corporation in Santa Monica, California. Our assignment was carry out a generalized overview Rand’s research, particularly that done by its economists. It soon apparent these economists considered their primary contribution simply elaborate, variously, elementary notion opportunity cost. TANSTAAFL (there ain’t no such thing free lunch) was, remains, first principle be mastered on way toward rudimentary economic understanding. Something value can only secured if something else could produced does not come into being. Naive utopian notions good things created from nothing must dispelled.