Monday, July 25

Remembering Economics

Dr. Peter Peacock was my Economics Professor in Grad School and while that name seems fitting for the classes he taught, I still remember a couple of his lessons...


The first lesson he taught me was that there was no such concept as a FREE LUNCH...  


Now that I think about it, Dr. Peacock was a conservative and was really taking a political stand in the classroom...  he was opposed to people using the word FREE because the word was misleading...   while the student got a free lunch, someone else had to pay for it, and more than likely it was the taxpayer through the collection of taxes...  but, the Democrats were trying to convince everyone that the lunch was FREE...


At the time, my parents were Democrats as I was but for some reason, I never saw the lesson as a political statement...  and, looking back, I am glad I didn't.


The second lesson was a little more difficult for me to swallow (excuse the pun) but it dealt with LAST CALL at a bar...  


It was Dr. Peacock's contention that when LAST CALL was announced and everyone purchased their last beer of the evening, the beer did not really have to be consumed.


My parents taught me that if you ordered food, you ate all you ordered... so that same logic should apply to drinking.


Therefore, you ordered it you drink it.


"No!" stated Dr. Peacock.  "You don't need to drink it.  You paid the money for it whether you drink it or not is up to you.  If you don't drink it, you don't save any money."


At first, it was a little difficult, going against my parent's philosophy but the more I thought about it, the more I understood that Dr. Peacock was correct in his assessment...


Maybe that is why he was a Dr. and I was a student.

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