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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I suppose this is subjective. I ended up falling in love with and majoring in economics upon learning some of the basic micro models and being amazed by how reliably they explain human behavior given certain assumptions. Macro models are in general not nearly as well understood
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In macro, you still have broad agreement on the general forces at play, but there are so many variables and little data that you can have different “schools” with major disagreements on magnitude of those forces, who nevertheless respect one another and collaborate on research
End of conversation
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