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:
→ Read moreWhen 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.