What is the gravest outright mistake out there?

I am not referring to disagreements, I mean outright mistakes held by smart, intelligent people. Let me turn over the microphone to Ariel Pakes, who may someday win a Nobel Prize: Our calculations indicate that currently proposed U.S. policies to reduce pharmaceutical prices, though particularly beneficial for low-income and elderly populations, could dramatically reduce firms’ […] The post What is the gravest outright mistake out there? appeared first on Marginal REVOLUTION.