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Eh, there are Nobel laureates who work down the hall from each other who cannot agree on the definition of basic macroeconomic concepts such as what constitutes
by nickbauman 11y ago
Eh, there are Nobel laureates who work down the hall from each other who cannot agree on the definition of basic macroeconomic concepts such as what constitutes a "bubble" or whether "market failure" is even a valid concept to begin with.
- princeb 11y agothat's because these are ambiguous layman descriptions of the state of the economy.
- nickbauman 11y agoYet serious economists openly argue about the term. http://www.newyorker.com/magazine/2010/01/11/after-the-blowup http://www.newyorker.com/magazine/2010/01/11/after-the-blowu...