Economic models simplify realworld complexities from "summary" of EBOOK: Macroeconomics by Rudiger Dornbusch,Stanley Fischer,Richard Startz
Economic models are essential tools that economists use to analyze and understand the complexities of the real world. These models serve as simplified representations of reality, allowing economists to focus on the most important relationships and variables at play. By abstracting away unnecessary details and complexities, economic models provide clarity and insight into the fundamental forces driving economic phenomena.
In order to make sense of the vast amount of data and information available, economists must simplify the real world into manageable chunks that can be analyzed and understood. Economic models achieve this simplification by making assumptions about the behavior of individuals, firms, and governments. These assumptions help to streamline th...
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