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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Academic economists use the scientific method and work hard to pursue knowledge. As a science, it is simply young. Many of the models are powerful and elegant, but often not intuitive to the layperson. They are often highly simplified given the vast number of variables involved
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What is a great predictive triumph of academic economics?
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