this post was submitted on 20 May 2025
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ah there’s your confusion. i am not and no one here is refuting the model. we are criticizing how that simplified model is abused without considering the other variables and applied to policy-making. does that make sense?
i think we agree, if the above reframes the post for you :)
That indeed makes more sense: it only fits short-run predictions. It justifies short-run policies.
Longer term policies need a different justification: you're definitely right there.
I think economists have a name for mistaking short- & long-run effects (something to do with equilibrium), but the course was too long ago for me to recall.