Economic Model

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An Economic Model is a social model of an economy.





  • (Wikipedia, 2013) ⇒ Retrieved:2013-12-26.
    • In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified framework designed to illustrate complex processes, often but not always using mathematical techniques. Frequently, economic models posit structural parameters. Structural parameters are underlying parameters in a model or class of models. [1] A model may have various parameters and those parameters may change to create various properties. Methodological uses of models include investigation, theorizing, fitting theories to the world. [2]
  1. Moffatt, Mike. (2008) Structural Parameters Economics Glossary; Terms Beginning with S. Accessed June 19, 2008.
  2. Mary S. Morgan, 2008 "models," The New Palgrave Dictionary of Economics, 2nd Edition, Abstract.
       • Vivian Walsh 1987. "models and theory," The New Palgrave: A Dictionary of Economics, v. 3, pp. 482-83.