Summary
This quote suggests that economists view the real world as an anomaly or deviation from the theoretical models and principles they typically rely on. In their discipline, economists often create abstract frameworks and assumptions to simplify complex realities and study economic phenomena. However, the quote implies that economists acknowledge the limitations of these simplified models and recognize that the application of their theories in the real world may require adaptations and adjustments. It highlights the awareness of economists that empirical observations and unique circumstances often challenge their theoretical understanding of economic behavior.
Topics
Economics
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