Via Instapundit comes a brief must-read graduation speech from Nobel economist Thomas Sargent:

Economics is organized common sense. Here is a short list of valuable lessons that our beautiful subject teaches.

1. Many things that are desirable are not feasible.

2. Individuals and communities face trade-offs.

3. Other people have more information about their abilities, their efforts, and their preferences than you do.

There are twelve points, in total.  Would that they were imparted to more college graduates.