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Economists, what is the single biggest misconception you feel the "Econ 101" crowd has about economics in the real world?
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By Econ 101, I do not mean people who are ignorant of the study of economics. I mean individuals who draw incorrect conclusions about economics based on a failure to recognize the simplifying assumptions we make in introductory courses.
Here is something I believed early on in undergrad when I (wrongly) thought I knew everything there was to know about economics: "printing money" essentially has a 1:1 relationship with inflation. I never considered that the velocity of money could fall!
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