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

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

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

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

Tragedy of the commons: Unregulated shared resources lead to depletion

What the Coase theorem says — with zero transaction costs, parties negotiate efficient outcomes

Coase theorem: Zero transaction costs lead to efficient resource allocation through bargaining

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

Self-interest in free markets leads to societal prosperity

What free cash flow tells you — cash generated after capital expenditures

Free cash flow indicates a company's ability to generate cash after necessary investments

What the natural rate of unemployment is according to Friedman

Friedman's view: Natural rate of unemployment is the rate when inflation is stable