What Adam Smith's invisible hand means — self-interest drives collective benefit

What Adam Smith meant by 'It is not from the benevolence of the butcher that we expect our dinner'

Adam Smith argued that self-interest, not benevolence, motivates economic transactions

What Friedman meant by 'There is no such thing as a free lunch'

No lender or government can provide unlimited resources without cost

What Buffett means by 'Only when the tide goes out do you discover who's been swimming naked'

Exposes investors' lack of prudent risk management

What the endowment effect causes — you value what you own more than what you don't

The endowment effect leads to overvaluation of owned items compared to identical alternatives

What the tragedy of the commons describes — shared resources get overused without regulation

Tragedy of the commons: Unregulated shared resources lead to depletion

What laissez-faire economics argues — minimal government intervention in markets

Laissez-faire economics argues for limited government involvement in economic activities