Quotation of the Day…
by Don Boudreaux
on January 21, 2021
… is from page 10 of the late, great UCLA economists Armen A. Alchian’s and William R. Allen’s Universal Economics (2018; Jerry L. Jordan, ed.); this volume is an updated version of Alchian’s and Allen’s magnificent and pioneering earlier textbook, University Economics:
Economics really is easy – in a subtle sort of way. Rely on application of its analytic principles. Sometimes they supersede dictates of physics. The law of gravity says, “If you drop a $20 bill on the ground, it will stay there.” Economics says, “If you drop a $20 bill on the ground, it will quickly disappear.”
Comments
