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Spot on. Unfortunately, academic economists are incentivized to produce models that justify existing power structures which leads many to go off the deep end re
by crdoconnor 11y ago
Spot on. Unfortunately, academic economists are incentivized to produce models that justify existing power structures which leads many to go off the deep end reality-wise.
That's how stupid assumptions like "natural rate of unemployment" or "perfect competition" in particular get baked in.
Those assumptions are concealing sources of profit. Which is a feature, not a bug.