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Leaders should refrain from creating free lunches

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By Dr. Jeffrey I. Kim

I started my graduate program in economics at the University of Chicago in the spring quarter of 1976. Professor Milton Friedman was teaching a couple of advanced courses at Chicago before moving to the Hoover Institution at Stanford. He was enthusiastic about his lectures and always ready to answer any questions related to economic theories and policies.

Friedman often emphasized the notion of "TINSTAAFL" which is the acronym of "there is no such thing as a free lunch." When I heard TINSTAAFL for the first time from him, I had no idea what it meant. But the American students immediately caught the meaning of it once they knew it was the acronym.

According to a historical record, the free lunch in TINSTAAFL was very popular in the late 1800s. A good number of saloons in America offered a "free lunch" to drinking customers. Once they paid for a drink, they were entitled to eat as much food as they wanted. The food included ham, cheese, crackers, etc. But many foods were high in salt and those who ate them ended up buying a lot of beer!

Anyone with or without some........

© The Korea Times