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An economic 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, often mathematical , framework designed to illustrate complex processes.
Karl Shell, "Toward a Theory of Inventive Activity and Capital Accumulation", American Economic Review, Vol. 56(2), May 1966, 62–68. Karl Shell, "A Model of Inventive Activity and Capital Accumulation" in Essays on the Theory of Optimal Economic Growth (K. Shell, ed.), Cambridge, Massachusetts: MIT Press, 1967, Chapter IV, 67–85.
The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, [1] giving macroeconomics a central place in economic theory and contributing much of its terminology [2] – the "Keynesian Revolution".
Or, the model may omit issues that are important to the question being considered, such as externalities. Any analysis of the results of an economic model must therefore consider the extent to which these results may be compromised by inaccuracies in these assumptions, and there is a growing literature debunking economics and economic models.
An Essay on Economic Theory. Auburn, Alabama: Ludwig von Mises Institute. ISBN 0-415-07577-7. Daraban, Bogdan. "Introducing the Circular Flow Diagram to Business Students." Journal of Education for Business 85.5 (2010): 274–279. Mankiw, Gregory (2011). Principles of Economics, 6th edition. Thomson Europe. Marks, Melanie, and Gemma Kotula.
This chapter contrasts the standard neoliberal agenda staged by Samuelson's circular flow diagram and scripted by the Mont Pelerin Society of Friedman, Hayek et al., with the Embedded Economy which sets the economy within society and the living world. It points out that the economy's fundamental resource flow is not a roundabout of money, but a ...
In a later book, Essays in the theory of Economic Growth, [2] [3] she tried to lower the degree of abstraction. Robinson presented her growth model in verbal terms. A mathematical formalization was later provided by Kenneth K. Kurihara. Assumptions: [4] There is a laissez-faire closed economy. The factors of production are capital and labour only.
The Lucas islands model is an economic model of the link between money supply and price and output changes in a simplified economy using rational expectations. It delivered a new classical explanation of the Phillips curve relationship between unemployment and inflation. The model was formulated by Robert Lucas, Jr. in a series of papers in the ...