No one knows how much the government can borrow

Noah Smith: "And as you know if you’ve ever read any macro theory, it tends to have no real predictive power. For example, a 2020 paper by Obstfeld and Rogoff constructs a model where hyperinflation might happen, or might not. Furthermore, macro models are rarely tested against data, so this paper might reach a totally inconclusive conclusion for totally wrong reasons."

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