Today’s Quote of the Day…

…comes from page 29 of “Modern Principles of Economics” (4th Edition) by my GMU professors Alex Tabarrok and Tyler Cowen:

The most important tools in economics are supply, demand, and the idea of equilibrium.  Even if you understand little else, you may rightfully claim yourself economically literate if you understand these tools.  Fail to understand these tools and you will understand little else.

Amen to that.