Elegant, Simple, Coherent, and… Oh Yeah, Totally Wrong

Math with Bad Drawings

In a Labor Economics class, I had a great TA named Peter. He taught me a deep truth about labor markets: namely, that TAs sometimes teach better than professors.

If people looked like bad drawings, he’d look like this:

He also taught me one of the most enduring lessons I’ve learned about economics, modeling, and the limits of theory to explain the social world.

But the lesson wasn’t about those things. Not explicitly. It was about the minimum wage.

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