Luis Garicano 🇪🇺🇺🇦(@lugaricano):And again, and again, and again, the market proves to be more flexible and adaptable than the engineers, extrapolating, with their calculators expect. When prices change, behaviour changes. Believe in substitution, in elasticity, in human ingenuity, that is, in the market, and you will get a closer approximation than all doom-mongers. For this of course, a market must exist (e.g., does not apply to the fertility collapse).

Luis Garicano 🇪🇺🇺🇦

@lugaricano

Professor at LSE @LSEPublicPolicy. Substack on econ, tech and EU at "Messy Jobs" on AI, Jobs and and Organizations, out soon!

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Luis Garicano 🇪🇺🇺🇦@lugaricano

2026.05.29 10:10

And again, and again, and again, the market proves to be more flexible and adaptable than the engineers, extrapolating, with their calculators expect. When prices change, behaviour changes. Believe in substitution, in elasticity, in human ingenuity, that is, in the market, and you will get a closer approximation than all doom-mongers. For this of course, a market must exist (e.g., does not apply to the fertility collapse).

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