Wednesday, December 31, 2014

Models: What Are They Good For?

"Writing down a model and manipulating it allows economists to think through in a consistent and logical way how a number of variables might interrelate, and to find solutions to questions about such systems. This habit of making and using models extends the powers of the mind to ask questions and explore the answers in complicated cases." -- Mary Morgan, The World in the Model, p. 258

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