It sounds like memetic junk which on the surface looks plausible and has been circulating via the popular media for a long time though its empirical foundations are doubtful and it’s usually formulated in too generic a fashion to be of any use.
As I might have mentioned before, my prior with respect to popular economic wisdom is that it’s false.
OK, I’ll be more explicit :-)
It sounds like memetic junk which on the surface looks plausible and has been circulating via the popular media for a long time though its empirical foundations are doubtful and it’s usually formulated in too generic a fashion to be of any use.
As I might have mentioned before, my prior with respect to popular economic wisdom is that it’s false.