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Chapter
Dynamic Economic Models
So far we have only dealt with static models in the sense that they do not refer to any specific time period. In particular, none of the variables had time subscripts. In what sense are we to interpret such model...
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Chapter
Economy Policy Models
The comparative static models and the dynamic models which we have so far discussed hypothesise relationships between economic variables. These relationships are embodied in the specification of the structural...
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Chapter
The Structure of Scientific Explanation
In its widest sense the word ‘science’ means knowledge. But for most people the word has a narrower meaning, it refers to a systematic acquisition of knowledge about a certain subject such as physics, chemistr...
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Chapter
Dimensional Analysis In Economics
Nearly all variables and constants, whether they occur in physics, biology, sociology or economics, have units in which they are defined and measured. For example, in dealing with labour, economists sometimes ...
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Chapter
From Theory to Practice
It is impossible within the confines of a single chapter to deal with all the issues involved in the testing of economic theory. What we hope to do, as in previous chapters, is to convey a feel for the nature of ...
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Chapter
Relationships Between Economic Variables
Some of the concepts we use frequently in economics are profits, costs, price, marginal propensities, marginal products, liquidity, supply, demand, production, capacity utilisation, multipliers, and this by no...
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Chapter
Some Principles of Model Construction
Though facts provide information, they do not of themselves provide explanations in the scientific sense of the word, as used in Chapter 1. Such explanations of what we observe and the prediction of future eve...
