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.
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- TE: What if everyone had a job that wanted one ?
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