Why are French university students lining up for lunch at 11am when the cafeteria opens at noon? I took this picture on my way to work this morning because it is a good lesson in “shadow prices.” In May, France extended €1 university meals to all students. Previously, those not eligible for assistance paid €3.30. The result was not cheaper meals, but shortages. Demand surged, and students now queue an hour or more in advance to secure their lunch. What they used to pay with money, they now pay with time. And this is a lesson in shadow prices. It tells us that students are willing to sacrifice an additional hour to save €2.30, so they are implicitly valuing their time at €2.30 an hour or less. That's awful. 11 am is one of the best times to study. You are alert, but not yet tired. Even if a fraction of them studied at this time, there could be more value than the one saved by the “cheaper” meal. While the government did provide €50 million in additional funding for 2026, for a system serving more than 3 million higher-education students (about 8 cents per student per day), the problem illustrates something deeper about France. Don't get me wrong. I love living here, and I work hard every day to contribute to this country. But too many French institutions operate as though people's time were free. It is a system where enormous resources flow through the state, and simple transactions are replaced by forms, permissions, and waiting. People grow accustomed to this dependency, sometimes even demanding more of it. The implicit message of the system is that your time is cheap, your initiative is unwelcome, and your ability to decide for yourself is something to be managed. It is a sad situation because I genuinely believe France can be one of the best places in the world to live. But people are tired. And I'm not talking about those who looted sporting goods stores and vandalized public buildings over the weekend. I'm talking about the butchers, bakers, and produce sellers I meet every week at the market. The small antique dealers who worry that a mob could destroy the little capital they have. I talked to many of them yesterday. They are scared and they know there is nothing for them to do other than hide. A country that values its people should value their time. Vive la France!