Totally correct. Was watching an interesting town hall by the Fed for educators, and it was interesting to hear JP say "we have so many fine [Econ] textbooks", and in a different sentence say "it takes a few editions to catch up to our innovations". It was perfectly illustrating what I learned in undergrad Econ .. it is the science of explaining what happened. Extrapolation is fine but under no warranty. I have made major personal blunders relying on established econ theory to hold (especially around housing). My new take is the govt will bail out the masses in some instances, so just follow the trend.