Econ 101 is commonly dismissed as too simplistic. But current occasions counsel that Econ 101 is underrated. Take the tariff debate: understanding {that a} tariff is a tax, that costs characterize alternative prices, {that a} bilateral commerce deficit is basically meaningless, {that a} so-called commerce “deficit” is equally a items surplus or an funding surplus—these are Econ 101 concepts. Easy however essential.
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