We define “model building in economics,” as the fruitful area of economics designed to solve real-world problems using all available methods avail-able without distinctions: mathematical, …
Chapter 1 HOW TO BUILD AN ECONOMIC MODEL IN YOUR SPARE TIME is is a little article that I wrote to describe how I work. It contains the advice that I wish I had received when I was …
This chapter of the Handbook will present a discussion of models, particularly models used in econometrics.’. Models play a major role in all econometric studies, whether theoretical or …
This chapter introduces standard concepts of economic modeling, efficiency, scarcity, opportunity cost, the production-possibilities frontier, and includes a review of graphing techniques. It …
The standard model of supply and demand taught in introductory economics is a good example of a useful economic model. Its basic purpose is to explain and analyze prices and quantities …
Tourists use a flat subway map -- the model that is just complex enough for the problem at hand. This essay describes the seven key properties of useful economic models: parsimony, …
Developing a California economic forecast requires a projection for the U.S. economy. The Department develops a national forecast, using a sophisticated commercial U.S. …