Part 3/8:
For graduate students, the emphasis on complex algebra and theoretical modeling cultivates a mindset that neglects the nuances of wealth distribution and the implications of inequality. In many modern economic models, there is no representation for wealth inequality; instead, they often rely on what are termed "representative agent models," where a single average person exemplifies the entire population. This approach simplifies economic analysis but omits crucial distinctions among varied economic experiences, rendering discussions around distributions of wealth nearly non-existent.