Whenever you construct toy models, you reach back to the first- and second-year textbooks. Because that's where you learned to build toy models. So if you teach people nonsensical toy models in the first- and second-year textbooks, they will come away with a nonsensical conventional wisdom.

You can teach more sophisticated models later to your heart's content, but the qualitative, intuitive understanding - their bullshit detector, if you will - will still be based on their conventional wisdom.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.