What We Have to Know Concerning the Tequila Surplus
December 31, 2024
If considered one of your New 12 months’s resolutions is to sound like an economist, please bear in mind our yearly econlife Prime Ten:
The Prime Ten Listing
- Regardless of the query, at all times reply, “There’s no such thing as a free lunch…”
- Defend a choice by declaring, “It was worth the opportunity cost.”
- Whether or not you want or dislike authorities, level to, “The power of the market.”
- Clarify a love of low costs with, “It’s the law of demand.”
- Clarify excessive costs with, “It’s the law of supply.”
- Preface a place with, “on the one hand…but on the other…”
- Justify your Japanese bathroom, Sumatran espresso beans, and South Korean washer by repeating, “comparative advantage, comparative advantage…”
- When requested, “How are we doing?” begin by citing the GDP, CPI, and S&P. And know that there’s a lot extra to have a look at.
- Acknowledge that the dimension of the pie has nothing to do with meals.
- And eventually, probably the most reliable strategy to sound like an economist is to keep in mind that selecting is refusing; each resolution has a “cost.”
To reject any inconvenient reality, “The econometric evidence is not clear on this.”
Do remember to ship me your Prime Ten additions.
Our Backside Line
To all of my econlife pals, I ship my greatest needs for a wholesome and completely satisfied New 12 months!
Elaine Schwartz
I’m Elaine Schwartz, an economics author, instructor, and the founding father of econlife®. In so many locations and methods, I’ve tried to make economics attention-grabbing and accessible so we may very well be personally, professionally, and politically educated.
