Word: cobb
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Dates: during 2010-2019
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...fully determined models delivering certainty.” Perhaps he is referring to the models peddled by certain misguided financiers. But to suggest that the entire profession of economics engages in an extreme kind of wishful thinking, or worse, deception, is grossly unfair and misleading. Cobb-Douglas will not predict economic growth in the way that Newton’s Laws describe motion, but it generates crucial insights into economic phenomena and is a powerful tool in understanding the principles underlying economic relationships...