April 23, 2011
I have given a variation of this speech to adults in the Memphis ghetto who have never had a full-time job. Some of them were in their fifties. It was always well received. I have never had anyone fall asleep in it or who seemed confused about it.
I have given a variation to high school students. They, too, seemed to understand.
This version was aimed at scholars. They came from all over the world for a week to attend a seminar sponsored by the Mises Institute. The speech was well received.
At no time has anyone contacted me after hearing any version of this speech to tell me he had heard something like it before. I have also never had anyone tell me he thought I was wrong about what I presented.
I suppose it's my most effective speech. Yet the basic idea came to me in a discussion in 1981. It just popped into my head.
Of all the allocation decisions in life, this is one of the biggies. It has to do with our income, our lifestyle, and our legacy. This reminds us that there are no free lunches in life. Every hour has a price tag on it.
After you see it, you may want to discuss it.
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