What is the meaning of Tinstaafl?
“There ain’t no such thing as a free lunch” (TANSTAAFL), also known as “there is no such thing as a free lunch” (TINSTAAFL), is an expression that describes the cost of decision-making and consumption.
What is Tinstaafl and give an example of it?
TANSTAAFL (There Ain’t No Such Things As a Free Lunch) means it is impossible to get something for nothing (which is the core tenet of all economics). On social-media platforms, TANSTAAFL is most commonly used as a response to someone complaining about having to work hard for something they want.
Who came up with TANSTAAFL?
The acronym TANSTAAFL was used by Robert Heinlein, the science fiction writer, in his 1966 novel, The Moon is a Harsh Mistress, several times to make it easier to make the case that there ain’t no such thing as a free lunch. One of my favorite books of all time is Heinlein’s Stranger in a Strange Land, but I digress.
Who said there is no free lunch?
economist Milton Friedman
In 1969 a columnist in the “Boston Herald Traveler” of Massachusetts attributed the saying to the economist Milton Friedman: Prof. Friedman once wrote that the one big truth in economics is that there is no such thing as a free lunch.
Who said there’s no free lunch?
John Ruskin is famous for many things as a 19th Century industrialist and philanthropist. For me I like his quote, “There is no such thing as a free lunch”, which I heard many years ago. The quote has stuck with me in my business dealings and my negotiations ever since.
What is the No Free Lunch principle?
The phrase there’s no free lunch means you don’t get something for nothing, or anything one receives for free will be paid for in another way. The term comes from a practice in the nineteenth century in the United States, whereby taverns provided a free lunch to drinkers.
What does Tinstaafl stands for and what is the point behind those words?
The acronym TINSTAAFL stands for “there is no such thing as a free lunch”. It is a popular adage communicating the idea that it is impossible to get something for nothing. The “free lunch” in the saying refers to the formerly common practice in American bars of offering a “free lunch” to entice drinking customers.
What does the maxim there is no such thing as free lunch means?
“There ain’t no such thing as a free lunch” (alternatively, “There is no such thing as a free lunch” or other variants) is a popular adage communicating the idea that it is impossible to get something for nothing.
What do economists mean when they state that a good is scarce?
Scarce goods refers to the shortage in the supply of goods where the current supply is unable to meet the demand at a pre-existing price rate which usually is a cause of ineffective allocation of resources.