An Economist's Tips on Finding Good, Cheap Restaurants

Tyler Cowen is the not the first person I would think to consult about finding a great restaurant. He's  a professor of economics at George Mason University and author of New York Times best-selling e-book The Great Stagnation as well as writer of critically-acclaimed economics blog marginalrevolution.com. But his genuine love for food combined with his background in economics have made him an unlikely expert on the subject. He recently authored An Economist Gets Lunch: New Rules for Everyday Foodies which covers everything from how food in America became so bland and mass-produced (he blames prohibition, strict immigration laws, and kids!) to why Mexican food tastes different in Mexico and the US. His insights into how supply and demand, cross-subsidies, and technological advances influence food is fascinating. I picked up the book at my local New York Public Library to educate myself on the economics that drive food.
My favorite chapter by far was "The Rules for Finding a Good Place to Eat" which offers practical tips for finding good, cheap restaurants. Here are some highlights:

1. Eat at a restaurant on a side street: Restaurant owners, like the rest of us, have to pay rent. Rent along the long avenues, where there is heavy foot traffic compared to side streets is exorbitantly more expensive than on side streets. And that cost is factored into the price of each meal. A restaurant located on 5th Avenue and one just around the corner on say, 50th Street may have the same quality food but the one on 5th Avenue will have to priced their dish higher to accommodate the higher rent. Plus, chances are that if a restaurant is surviving on a side street without the business of the multitude of tourists who eat at places on main streets, it is probably pretty good!

How to Keep Your Tab Small When Dining with Friends

Let's be honest, having a social life and being on a budget is really hard sometimes. It seems like every time I hang out with my friends I end up spending money, especially on dining out. It's a tough situation because I don't want to miss out on spending time with my friends but I also know that I only have so much disposable income to spend on eating out.  When there's a get together at a restaurant that's a little out of my price range or if I've already spent the bulk of my "going out" money, I follow a few simple tricks to keep my dinner bill small so I don't have to miss out on the fun.

Enjoying a low-cost meal with friends...notice the bowl of soup!

1. Stick with water- That Sprite or Coke just tacks on an extra $2 to the price of your meal. You could buy a whole liter of the stuff for the same price!

2. Order an appetizer as your entree- Appetizers are almost always less expensive than entrees. Look for ones that are meant to be shared by the table like calamari or a pizzetta. You'll get an ample amount of food without breaking the bank.

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3. Order the soup!- I am a huge fan of ordering soup as my entree. Substantially cheaper than an entree, most restaurants feature a soup of the day that usually come in a hearty portion with a side of bread. 

4. Opt for dessert elsewhere- Yes, that cheesecake looks amazing, but is it really worth $5 dollars? Probably not. If I really need a sugar fix after dining out, I buy a candy bar on my way home. It's a much cheaper way to satisfy my sweet tooth.

There you have it, by following these tips you can enjoy the time you're spending with friends instead of worrying about how much it's costing you. And remember, don't over-restrict yourself. If you're dying to try a signature big-ticket dish at a new restaurant or heard rave reviews about a dessert on the menu, go for it!  Use these tips for those times when the food is less of a priority than the people you're with.