Arnold Kling explains that “applying macroeconomic models to questions of fiscal policy is the equivalent of using pre-Copernican astronomy to launch a satellite.” Yep. A model’s Rococo complexity ought not be mistaken for that model’s usefulness.
Also in The American, Steve Conover explains that “In the seven years from 2001-2007 (inclusive), not only did the middle class get at least its fair share of overall income growth, the income gap between the rich and the middle class actually got smaller.”
In this short video, produced by the Mercatus Center’s Rob Raffety, some GMU folk celebrate Bastiat. And this follow-up.
