This quote humorously suggests that economists often seem to be more interested in their theoretical models and abstract concepts than in the real-world phenomena those models are supposed to represent. It implies that economists often try to fit the complexities of the real world into their simplified models, rather than adjusting their models to better reflect reality.

In essence, the quote is a critique of the tendency in economics, and perhaps in other fields as well, to prioritize theory over practicality. It suggests that economists might sometimes ignore or downplay real-world evidence that contradicts their theories, rather than questioning the validity of the theories themselves.

Applying this idea to today’s world, we can see that it’s not just economists who sometimes fall into the trap of prioritizing theory over reality. In many fields, from politics to business to education, there can be a tendency to stick rigidly to preconceived ideas, ideologies or strategies, even when they don’t seem to be working in practice.

For instance, in business, a company might stick to a certain strategy because it’s theoretically sound, even if it’s not producing the desired results. Or in politics, a government might persist with a policy that is ideologically consistent but ineffective or even counterproductive in practice.

In terms of personal development, this quote could serve as a reminder of the importance of being flexible and adaptable, and of the need to constantly test our beliefs and assumptions against the evidence of our own experiences. It suggests that we should not become too attached to our theories or plans, but should be willing to change them if they don’t seem to be working in reality.

In other words, we should strive to be pragmatic and reality-oriented, rather than getting lost in abstract theories or wishful thinking. We should remember that the ultimate test of any idea or strategy is not whether it’s theoretically sound, but whether it works in the real world.