It is, in short, a place that seems to work in practice but not in theory.
Oddly, however, Mr Mundell very strongly believes that Europe is, in practice if not in theory, an optimal currency area.
How can we love our country and not love our countrymen, and loving them, reach out a hand when they fall, heal them when they are sick, and provide opportunities to make them self-sufficient so they will be equal in fact and not just in theory?
One important consequence would be that in the next banking crisis, the Bank of England would not - in theory - have to call on the Treasury to put quite so much money into a Royal Bank of Scotland or an HBOS that was facing collapse, because the creditors of those banks would be forced to become shareholders.
So the over-stretch problem should not, in theory, be made any worse by Sierra Leone.
It might not work in theory, there are numerous examples of it working in the real world.
The central mandate of FISA, and of the NSA, had not changed in theory: foreign intelligence gathering.
Fiennes, who does not use Twitter, is not alone in his theory.
But Treasuries are guaranteed by the federal government, whereas Fannie's and Freddie's debt is not, at least in theory.
This is not a unified theory in the standard sense of physics.
Another advantage is that the patient will in theory not need to be "intubated" - a breathing tube inserted down the throat, and this should aid his or her recovery.
Great in theory, not great in practice when applied uniformly to all types of assets.
Growth stocks do not provide dividends because, in theory, growth stocks can use the cash for more growth.
The data may fit the theory, but there is always the risk of the theory not working in reality.
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People who do actually know their physics have made the same point: that what has been discovered is a measurement error, not a flaw in the basic theory.
Growing that community is still in the early stages, and many of the companies here are trying to find out if that entrepreneurial spirit really exists in reality, not theory.
What I complain of is not only that this theory in its various forms has unduly usurped the central place in monetary theory, but that the point of view from which it springs is a positive hindrance to further progress.
But in theory shareholders should not care whether dividends are paid out today or later.
Mr. STERN: Well, they're paying some more but it's incremental, certainly not anything in relation to, in theory, how much money they're making.
But as many a Christian high school teacher can attest, a little historical research shows Christians at the time of Darwin were not at all unanimous in rejecting his theory.
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Alpha has always been a slippery concept: in theory there should not be much of it about and academics have struggled to find evidence that the industry consistently realises it for clients.
And the second part of the book is devoted to India's speciality: ideas that have prevailed in theory, but not in practice, leaving reformers with nothing more to say, but plenty still to do.
This is merely the beginning of a full-scale investigation by the commission that could last months, if not years, and could, in theory, lead to a fine of up to 10% of the company's sales.
More generally, government actions will not result in the ideal policies that economic theory describes.
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But when it comes to the biggest house-price bubble in history, theory does not get you very far.
In theory this is good not just for them, but for the economy, because pension money will pour into capital markets.
Mr Rajan's story was intended as a narrative of the subprime crisis in America, not as a general theory of financial dislocation.
If Mr Adoboli had not revealed his activities on Wednesday, in theory the final bill for UBS could have been even bigger.
This technique involves inserting unfertilised eggs, and sperm, into the fallopian tubes, and is not currently covered by guidance, so in theory any number of eggs could be used.
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