TE = Thought Experiment
In economics, we have great difficulty conducting pure experiments. We simply cannot change many important variable. Instead, we have to think about a particular circumstance and try and use our models to describe what the world would look like.
One of my favorite is: What would the US look like if everyone who wanted a job could find one ?
What is this really means is: What if the unemployment rate dropped to the natural turnover rate (about 3%), the economy perfectly matched the skills of the people and the local job market matched the demand for jobs. There is no immigration or migration.
behavior and overall economic happiness.
Sunday, November 20, 2011
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