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Quotation of the Day…

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… is from page 10 of the late, great UCLA economists Armen A. Alchian [2]’s and William R. Allen [3]’s Universal Economics [4] (2018; Jerry L. Jordan, ed.); this volume is an updated version of Alchian’s and Allen’s magnificent and pioneering earlier textbook, University Economics [5]:

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.”

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