I came across this nugget from a transcript of the dialog between Randy Barnett and Justice Stevens in oral arguments for a Supreme Court hearing (Gonzales v. Raiche) in Nov 2004:
JUSTICE STEVENS: Well, that would reduce demand and increase price, it seems to me. It's the other way around.
MR. BARNETT:Well, it would reduce demand and reduce prices, I think. But...
JUSTICE STEVENS:If you reduce demand, you reduce prices? Are you sure?
MR. BARNETT:Yes. [Laughter]
JUSTICE STEVENS: Oh, you're right. You're right. Okay. Yeah. Yeah.
This is not to say that Justice Stevens doesn't know economics - I'm sure he had Econ 101 like many others. The point is that even very intelligent people, who may know the definitions and concepts of basic economics, often fail to be able to apply them in real time when it matters -- that takes practice.
So practice!
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