Updated in March 2025

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Academics is sometimes about puzzle solving.

Solutions, however, can affect the well being of people. Economics studies the standard of living and behaviour of individuals and social groups. There is a tension between academic puzzles and the real world; macroeconomics is a field that directly addresses this tension. Ideally rigour and logic should be handmaidens to facts helping information to emerge from noise and theory should be relevant to the context. The middle way avoids the trap of extremes and allows a balanced approach to the real world.