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The economics profession doesn't understand how the economy works

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In the 1980s, a couple of ambitious young economists thought ski lift operators weren't very smart. The economists assumed that if the business owners charged more on busy days, they could make more money. as recounted in Knowledge and the Wealth of Nations by David Warsh, the economists saw long lines on busy days as "prima facie evidence of market failure." After study, Robert Barro and Paul...

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