Consider how an economic model can be viewed as a simplified description of reality, designed to yield hypotheses about economic behavior that can be tested. In essence, a simulation. Hence, one important element of an economic model is that it is necessarily subjective in design because there are no objective measures of economic outcomes. If different economists make different judgments about what is needed, how can we tell if a model is ‘useful’? What does this tell us about economic behavior?
Due: After you have completed Unit 5 Weight: 25% of your final course grade Length: 15 slides/1000–1200 words Management just announced they are shutting
Due: After you have completed Unit 5 Weight: 25% of your final course grade Length: 15 slides/1000–1200 words Management just announced they are shutting down the company you are working for. You sit down with a group of coworkers to discuss the situation. Eventually, you agree to try taking over