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Decisions based on economic theories that are not scientifically possible to test can give people a false sense of precision, and that could be misleading, leading to build up logical errors. Natural economics: Economics is concerned with both 'normal' and 'abnormal' economic conditions. In an objective scientific study one is not restricted by ...
Bostrom claims his argument goes beyond the classical ancient "skeptical hypothesis", claiming that "... we have interesting empirical reasons to believe that a certain disjunctive claim about the world is true", the third of the three disjunctive propositions being that humans are almost certainly living in a simulation.
Mises's analysis centered on price theory while Hayek went with a more feathered analysis of information and entrepreneurship. The debate raged in the 1920s and 1930s and that specific period of the debate has come to be known by economic historians as the socialist calculation debate .
Over the past five years, economists have been waging a fierce battle over if and when fiscal stimulus is an appropriate tool to fight the deleterious effects of the ongoing crisis. On one side ...
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Debunking the Myths of Computable General Equilibrium Models (PDF). Working Paper 2008-01. Schwartz Center for Economic Policy Analysis (SCEPA) and Department of Economics, The New School. Reinert, Kenneth A., and Joseph F. Francois, eds. Applied Methods for Trade Policy Analysis: A Handbook. Cambridge University Press, 1997. ISBN 9780521589970
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.
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