I&#x27;m not sure how one would do a study to test a statement so sweeping. But I was probably too glib in any case.<p>It would be more accurate to say that the framework within which microeconomic phenomena is pretty well understood. While there&#x27;s still plenty of room for research to fill out all the details, there&#x27;s very broad consensus about how the answers tend to look. Concepts like price elasticity are well understood and non-controversial.<p>That stands in sharp contrast to macroeconomics, where even when talking about the same stuff, say, ZIRP, there&#x27;s fundamental disagreement about what factors we should be researching. (and when I say &quot;we&quot;, I mean people that aren&#x27;t me, &#x27;cause I&#x27;m not an economist)