Fast food: bad mistakes, deleted
I really screwed up my numbers on the fast food post (now deleted). Like Rogoff and Reinhart, I made a basic Excel mistake, and produced exaggerated nonsense. A doubling of wages would require a 20% price increase, not 67%. (Thanks to Seth Ackerman for pointing this out.) I still have lots of political doubts about this stuff, but I’ll keep quiet for now and do nothing but apologize.
The difference is that it took R&R three years, not five minutes, to acknowledge their mistake….
You just admit a mistake and apologize? No wonder you are not a Harvard professor.
Then what is your real world recommendation ? It’s rather easy to be a debunker.