Economists are rarely able to speak for even a few minutes without discussing “trade-offs” – situations in which it’s impossible to have more of one thing without giving up at least a little of something else.
They’re all around us. For individuals, more spending on restaurant meals means there is less to spend on vacations or entertainment. For governments, spending more on social programs requires either less spending somewhere else or raising more tax revenues – which, of course, forces the taxpayers to give up something more.Report Typo/Error
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