Asked by jenny
why is modelling useful, despite being a simplified version of reality?
my answer:
answer: an economic model attempts to describe every aspect of reality. a models power stems from the elimination of irrelevant detail which allows the economist to focus on the essential feature of the economic reality he or she is attempting to understand.
my answer:
answer: an economic model attempts to describe every aspect of reality. a models power stems from the elimination of irrelevant detail which allows the economist to focus on the essential feature of the economic reality he or she is attempting to understand.
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jenny
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