Another naive economics question: what is the bad thing that happens if we quadruple the deficit, or the national debt? And what is the nature of the connection here, if any, between economic theory and observed reality?
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On a micro scale, it predicts many things right. Most obviously: Demand decreases with price except in rare circumstances.
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There are quite a few exceptions to that, even in classical economics. I believe this is termed "inelasticity". Obvious example is petrol* prices in car dependent terrain. All that before we discuss alienation *(you might say "gas", though it is generally sold in liquid form).
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No, it awards itself Bank of Sweden Prizes In Memory Of Alfred Nobel.
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Same with literature.
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