Economic Model

An Economic Model is a social model of an economy.

• Context:
  • It can range from being a Capitalistic Model to being a Socialistic Model.
  • It can be an Agent-based Economic Model[1].
• Example(s):
  • Kuznets Curve.
  • …
• Counter-Example(s):
  • a Political Model.
  • a Brain Model.
  • a Climate Model.
• See: Economics, Economic Theory, Mathematical Model, Computational Model.

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References

2016

• (Sanders, 2016a) ⇒ Bernie Sanders. (2016). “Democrats Need to Wake Up.” In: The New York Times, JUNE 28, 2016.
  • QUOTE: … Let’s be clear. The global economy is not working for the majority of people in our country and the world. This is an economic model developed by the economic elite to benefit the economic elite. We need real change. …

2015

• http://breakthroughs.csmonitor.com/the-economy
  • QUOTE: Typical research in economics works with modest amounts of data, using laptop computers to solve ‘toy’ models of economies – simple models that are so abstract they bear little resemblance to reality. These models are nothing like those used to predict global climate, to study galaxies, or to simulate brain activity …

2013

• (Wikipedia, 2013) ⇒ http://en.wikipedia.org/wiki/economic_model Retrieved:2013-12-26.
  • In economics, a 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 framework designed to illustrate complex processes, often but not always using mathematical techniques. Frequently, economic models posit structural parameters. Structural parameters are underlying parameters in a model or class of models. A model may have various parameters and those parameters may change to create various properties. Methodological uses of models include investigation, theorizing, fitting theories to the world.

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