Definitely the morning pill today. Couldn’t have phrased this better. From a self-defined “Ec10 slut” and necessarily via Greg Mankiw :-). The conclusion of this short article is useful to keep in mind as future reference, for everybody– both outsiders and insiders to economics:
When we use the tools that economics give us, we need to be sure that the complexity of the models we use match the complexity of the real world situations. Economics embodies a different and valuable approach to public policy, one that strives to apply rigorous scientific standards to what can often seem like fuzzy questions. And when economics solutions fall short of the ideal, it is a signal that the specific methods employed are flawed, not that economic science as a whole needs to be scrapped.
