Why do we Gain Weight — the myth of ”calories in, calories out”

People often assume that the answer to the question why do we gain weight is obvious and it is because people eat more calories than they burn; the old ”calorie in, calorie out” paradigm. That is, calories not used in some form of exercise are converted to fat and stored. If we assume that the cause of weight gain is that simple, then the solution must be equally simple; eat less and exercise more, right? But is it?