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

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

No lender or government can provide unlimited resources without cost

What Keynes argued about government spending during recessions

Keynes argued for increased government spending to stimulate demand during recessions

What is the principle of Pareto efficiency in welfare economics and how does it relate to the concept of market equilibrium?

Pareto efficiency ensures no welfare improvement without disadvantaging others, aligning with market equilibrium where no trades can make someone better off without harming others

What stagflation is and why Keynesian economics struggled to explain it

Stagflation: simultaneous high inflation and stagnant growth, challenging Keynesian focus on demand management

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

Self-interest in free markets leads to societal prosperity

What quantitative easing does — central bank buys assets to inject money into the economy

Quantitative easing increases money supply and stimulates economic activity