One of the most important truths about economics is also the most basic: all human action is a tradeoff. It’s ridiculous that something so obvious needs to be stated, but it does. Reduced to simplest form, to turn left is to not turn right.
Spending is no different in terms of paths not taken.
This is worth thinking about in consideration of the exciting recent announcement that United Airlines has placed an order for 15 supersonic jets from Boom Technology Inc. The would-be innovator intends to have a prototype ready by 2022, after which it expects its jets to be moving paying passengers around the world by 2029.
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