On one hand, overly theoretical economics might not have the predictive power people want, but models tied too closely to past real world events are kind of like over-fitted models to the stock market: they work until something changes and they don't.
Economics is hard, there's a million factors. Why doesn't increasing the minimum wage increase unemployment? Because increasing minimum wage has supply and demand-side effects but also because it doesn't happen in a vacuum, we don't know what happens if you increase minimum wage but keep everything else exactly the same because we've only ever increased minimum wage in the real world, where growth has steadily happened over the years, where there's a ton of other factors. Also because companies won't not hire, they'll just raise prices to compensate if the demand is still there for their products.
Every supply/demand curve just puts pressure on prices, which way the price moves and how far depends on many supply/demand curves.
Economics is hard, there's a million factors. Why doesn't increasing the minimum wage increase unemployment? Because increasing minimum wage has supply and demand-side effects but also because it doesn't happen in a vacuum, we don't know what happens if you increase minimum wage but keep everything else exactly the same because we've only ever increased minimum wage in the real world, where growth has steadily happened over the years, where there's a ton of other factors. Also because companies won't not hire, they'll just raise prices to compensate if the demand is still there for their products.
Every supply/demand curve just puts pressure on prices, which way the price moves and how far depends on many supply/demand curves.