Theory versus reality. Economists are regularly accused of way too much of the former, and not enough of the latter. Economic concepts have been taught and studied for over fifty years using ‘models’, simplified versions of reality. I love the bit that Rodney Dangerfield did on this theme in his 1986 movie Back to School. He plays a wealthy but uneducated father who goes to college to show solidarity with his disheartened son. Watch what happens when he goes to his first economics class.
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