Frederic Bastiat was a French economist known for advocating free markets and classical economics. He\u2019s famous for his book \u201cThe Law\u201d, where he argues that the latter should protect individual rights, not enable the plundering of other\u2019s property, while opposing protectionism and socialism. In this connection, he concocted the theory of \u00ab\u00a0opportunity cost\u201d, which basically claims that the real cost of something is what you must give up to get it…<\/p>\n
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