Models and Theories

Watch this video on why economists need models and theories to simplify reality. Once economic reality is simplified, it is easier to understand and predict its future behavior.


 

Source: Mary J. McGlasson, https://www.youtube.com/watch?v=lYHy2XLa4u0&list=PL336C870BEAD3B58B&index=5
Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Last modified: Wednesday, January 24, 2024, 8:42 PM