Some things are so tragic that you don't know what's funny in it, and some things are so ridiculous you don't know if it's worth talking about it.

It's kind of a funny way to put it, but if you want to study a dynamic economic system, what you'd like to be able to do is focus on the linkages, say, between asset markets and the macro economy without having to model everything at the same time.

You never want to defend a joke. People get to choose whether or not to laugh and whether or not they think something is funny.

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