Micro observations are increasingly used to test the aggregate model being used. Everyone using this methodology finds that only a high willingness of the aggregate household(s) can account for the aggregate behavior of labor supply. The micro observation for full-time, continuously working males is that there is little variation in hours worked associated with variation in compensation per hour. This suggests to those ignorant of aggregation theory that the aggregate willingness is small. If the variation in labor supply is primarily in the number working and not in hours per working person, aggregation theory predicts that the aggregate labor supply elasticity should be as it is, much larger than the labor supply elasticity of the people being aggregated.
Some important puzzles remain: Why are the empirically determined gains from openness so much bigger than those predicted by any of the three trade models? Why is the stock market so volatile? What gave rise to the Great Depression? Why is there now such great disparity in average consumption across countries?