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| economic model building process: The Methodology of Economic Model Building (Routledge Revivals) Lawrence A. Boland, 2014-05-01 The major methodological task for modern economists has been to establish the testability of models. Too often, however, methodological assumptions can make a model virtually impossible to test even under ideal conditions, yet few theorists have examined the requirements and problems of assuring testability in economics. In The Methodology of Economic Model Building, first published in 1989, Lawrence Boland presents the results of a research project that spanned more than twenty years. He examines how economists have applied the philosophy of Karl Popper, relating methodological debates about falsifiability to wider discussions about the truth status of models in natural and social sciences. He concludes that model building in economics reflects more the methodological prescriptions of the economist Paul Samuelson than Popper’s ‘falsificationism’. This title will prove invaluable to both students and researchers, and represents a substantial contribution to debates about the scientific status of economics. |
| economic model building process: Economics Rules Dani Rodrik, 2015 A leading economist trains a lens on his own discipline to uncover when it fails and when it works. |
| economic model building process: The Microeconomics of Complex Economies Wolfram Elsner, Torsten Heinrich, Henning Schwardt, 2014-04-15 The Microeconomics of Complex Economies uses game theory, modeling approaches, formal techniques, and computer simulations to teach useful, accessible approaches to real modern economies. It covers topics of information and innovation, including national and regional systems of innovation; clustered and networked firms; and open-source/open-innovation production and use. Its final chapter on policy perspectives and decisions confirms the value of the toolset. Written so chapters can be used independently, the book includes an introduction to computer simulation and pedagogical supplements. Its formal, accessible treatment of complexity goes beyond the scopes of neoclassical and mainstream economics. The highly interdependent economy of the 21st century demands a reconsideration of economic theories. - Describes the usefulness of complex heterodox economics - Emphasizes divergences and convergences with neoclassical economic theories and perspectives - Fits easily into courses on intermediate microeconomics, industrial organization, and games through self-contained chapters |
| economic model building process: Principles Ray Dalio, 2018-08-07 #1 New York Times Bestseller “Significant...The book is both instructive and surprisingly moving.” —The New York Times Ray Dalio, one of the world’s most successful investors and entrepreneurs, shares the unconventional principles that he’s developed, refined, and used over the past forty years to create unique results in both life and business—and which any person or organization can adopt to help achieve their goals. In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history and grown into the fifth most important private company in the United States, according to Fortune magazine. Dalio himself has been named to Time magazine’s list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater’s exceptionally effective culture, which he describes as “an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency.” It is these principles, and not anything special about Dalio—who grew up an ordinary kid in a middle-class Long Island neighborhood—that he believes are the reason behind his success. In Principles, Dalio shares what he’s learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The book’s hundreds of practical lessons, which are built around his cornerstones of “radical truth” and “radical transparency,” include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating “baseball cards” for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they’re seeking to achieve. Here, from a man who has been called both “the Steve Jobs of investing” and “the philosopher king of the financial universe” (CIO magazine), is a rare opportunity to gain proven advice unlike anything you’ll find in the conventional business press. |
| economic model building process: Coping with Complexity H W Gottinger, 1983-09-30 |
| economic model building process: Models, Mathematics, and Methodology in Economic Explanation Donald W. Katzner, 2018 This book provides a practitioner's foundation for the process of explanatory model building, breaking down that process into five stages. Donald W. Katzner presents a concrete example with unquantified variable values to show how the five-stage procedure works. He describes what is involved in explanatory model building for those interested in this practice, while simultaneously providing a guide for those actually engaged in it. The combination of Katzner's focus on modeling and on mathematics, along with his focus on the explanatory performance of modeling, promises to become an important contribution to the field. |
| economic model building process: Handbook of Computable General Equilibrium Modeling Peter B. Dixon, Dale Jorgenson, 2013-11-14 In this collection of 17 articles, top scholars synthesize and analyze scholarship on this widely used tool of policy analysis, setting forth its accomplishments, difficulties, and means of implementation. Though CGE modeling does not play a prominent role in top US graduate schools, it is employed universally in the development of economic policy. This collection is particularly important because it presents a history of modeling applications and examines competing points of view. - Presents coherent summaries of CGE theories that inform major model types - Covers the construction of CGE databases, model solving, and computer-assisted interpretation of results - Shows how CGE modeling has made a contribution to economic policy |
| economic model building process: Regression Analysis J. Holton Wilson, 2012-08-02 The technique of regression analysis is used so often in business and economics today that an understanding of its use is necessary for almost everyone engaged in the field. This book will teach you the essential elements of building and understanding regression models in a business/economic context in an intuitive manner. The authors take a non-theoretical treatment that is accessible even if you have a limited statistical background. It is specifically designed to teach the correct use of regression, while advising you of its limitations and teaching about common pitfalls. This book describes exactly how regression models are developed and evaluated —where real data is used, instead of contrived textbook-like problems. Completing this book will allow you to understand and build basic business/economic models using regression analysis. You will be able to interpret the output of those models and you will be able to evaluate the models for accuracy and shortcomings. Even if you never build a model yourself, at some point in your career it is likely that you will find it necessary to interpret one; this book will make that possible. Included are instructions for using Microsoft Excel to build business/economic models using regression analysis with an appendix using screen shots and step-by-step instructions. |
| economic model building process: Introduction to Computable General Equilibrium Models Mary E. Burfisher, 2016 The book provides a hands-on introduction to computable general equilibrium (CGE) models, written at an accessible, undergraduate level. |
| economic model building process: The Economics of Artificial Intelligence Ajay Agrawal, Joshua Gans, Avi Goldfarb, Catherine Tucker, 2024-03-05 A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system. |
| economic model building process: How Economists Model the World into Numbers Marcel Boumans, 2004-12-17 Economics is dominated by model building, therefore a comprehension of how such models work is vital to understanding the discipline. This book provides a critical analysis of the economist's favourite tool, and as such will be an enlightening read for some, and an intriguing one for others. |
| economic model building process: Model Building in Economics Lawrence A. Boland, 2014-09-15 Concern about the role and the limits of modeling has heightened after repeated questions were raised regarding the dependability and suitability of the models that were used in the run-up to the 2008 financial crash. In this book, Lawrence Boland provides an overview of the practices of and the problems faced by model builders to explain the nature of models, the modeling process, and the possibility for and nature of their testing. In a reflective manner, the author raises serious questions about the assumptions and judgments that model builders make in constructing models. In making his case, he examines the traditional microeconomics-macroeconomics separation with regard to how theoretical models are built and used and how they interact, paying particular attention to the use of equilibrium concepts in macroeconomic models and game theory and to the challenges involved in building empirical models, testing models, and using models to test theoretical explanations. |
| economic model building process: The Experience Economy B. Joseph Pine, James H. Gilmore, 1999 This text seeks to raise the curtain on competitive pricing strategies and asserts that businesses often miss their best opportunity for providing consumers with what they want - an experience. It presents a strategy for companies to script and stage the experiences provided by their products. |
| economic model building process: Economic Models Dipak R. Basu, 2009 Model Building is the most fruitful area of economics, designed to solve real-world problems using all available methods such as mathematical, computational and analytical, without distinction. Wherever necessary, we should not be reluctant to develop new techniques, whether mathematical or computational. That is the philosophy of this volume. The volume is divided into three distinct parts: Methods, Theory and Applications. The Methods section is in turn subdivided into Mathematical Programming and Econometrics and Adaptive Control System, which are widely used in econometric analysis. The impacts of fiscal policy in a regime with independent monetary authority and dynamic models of environmental taxation are considered. In the section on Modelling Business Organization, a model of a Japanese organization is presented. Furthermore, a model suitable for an efficient budget management of a health service unit by applying goal programming method is analyzed, taking into account various socio-economic factors. This is followed by a section on Modelling National Economies, in which macroeconometric models for the EU member countries are analyzed, to find instruments that stabilize inflation with coordinated action. |
| economic model building process: Philosophy of Economics Uskali Mäki, 2012-06-12 Part of the Handbook of the Philosophy of Science Series edited by: Dov M. Gabbay King's College, London, UK; Paul Thagard University of Waterloo, Canada; and John Woods University of British Columbia, Canada. Philosophy of Economics investigates the foundational concepts and methods of economics, the social science that analyzes the production, distribution and consumption of goods and services. This groundbreaking collection, the most thorough treatment of the philosophy of economics ever published, brings together philosophers, scientists and historians to map out the central topics in the field. The articles are divided into two groups. Chapters in the first group deal with various philosophical issues characteristic of economics in general, including realism and Lakatos, explanation and testing, modeling and mathematics, political ideology and feminist epistemology. Chapters in the second group discuss particular methods, theories and branches of economics, including forecasting and measurement, econometrics and experimentation, rational choice and agency issues, game theory and social choice, behavioral economics and public choice, geographical economics and evolutionary economics, and finally the economics of scientific knowledge. This volume serves as a detailed introduction for those new to the field as well as a rich source of new insights and potential research agendas for those already engaged with the philosophy of economics. Provides a bridge between philosophy and current scientific findings Encourages multi-disciplinary dialogue Covers theory and applications |
| economic model building process: Economic Models of Tropical Deforestation: A Review David Kaimowitz, Arild Angelsen, 1998-01-01 Types of economic deforestation models. Household and firm-level models. Regional-level models. National and macro-level models. Priority areas for future research. |
| economic model building process: Encyclopedia of Health Economics , 2014-02-21 The Encyclopedia of Health Economics offers students, researchers and policymakers objective and detailed empirical analysis and clear reviews of current theories and polices. It helps practitioners such as health care managers and planners by providing accessible overviews into the broad field of health economics, including the economics of designing health service finance and delivery and the economics of public and population health. This encyclopedia provides an organized overview of this diverse field, providing one trusted source for up-to-date research and analysis of this highly charged and fast-moving subject area. Features research-driven articles that are objective, better-crafted, and more detailed than is currently available in journals and handbooks Combines insights and scholarship across the breadth of health economics, where theory and empirical work increasingly come from non-economists Provides overviews of key policies, theories and programs in easy-to-understand language |
| economic model building process: Regenerative Engineering Yusuf Khan, Cato T. Laurencin, 2018-04-19 This book focuses on advances made in both materials science and scaffold development techniques, paying close attention to the latest and state-of-the-art research. Chapters delve into a sweeping variety of specific materials categories, from composite materials to bioactive ceramics, exploring how these materials are specifically designed for regenerative engineering applications. Also included are unique chapters on biologically-derived scaffolding, along with 3D printing technology for regenerative engineering. Features: Covers the latest developments in advanced materials for regenerative engineering and medicine. Each chapter is written by world class researchers in various aspects of this medical technology. Provides unique coverage of biologically derived scaffolding. Includes separate chapter on how 3D printing technology is related to regenerative engineering. Includes extensive references at the end of each chapter to enhance further study. |
| economic model building process: Understanding Economic Forecasts David F. Hendry, Neil R. Ericsson, 2003 How to interpret and evaluate economic forecasts and the uncertainties inherent in them. |
| economic model building process: Problems in Microeconomics Marcia L. Stigum, 1975 |
| economic model building process: General Theory Of Employment , Interest And Money John Maynard Keynes, 2016-04 John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and Keynesian views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning |
| economic model building process: The Atlas of Economic Complexity Ricardo Hausmann, Cesar A. Hidalgo, Sebastian Bustos, Michele Coscia, Alexander Simoes, 2014-01-17 Maps capture data expressing the economic complexity of countries from Albania to Zimbabwe, offering current economic measures and as well as a guide to achieving prosperity Why do some countries grow and others do not? The authors of The Atlas of Economic Complexity offer readers an explanation based on Economic Complexity, a measure of a society's productive knowledge. Prosperous societies are those that have the knowledge to make a larger variety of more complex products. The Atlas of Economic Complexity attempts to measure the amount of productive knowledge countries hold and how they can move to accumulate more of it by making more complex products. Through the graphical representation of the Product Space, the authors are able to identify each country's adjacent possible, or potential new products, making it easier to find paths to economic diversification and growth. In addition, they argue that a country's economic complexity and its position in the product space are better predictors of economic growth than many other well-known development indicators, including measures of competitiveness, governance, finance, and schooling. Using innovative visualizations, the book locates each country in the product space, provides complexity and growth potential rankings for 128 countries, and offers individual country pages with detailed information about a country's current capabilities and its diversification options. The maps and visualizations included in the Atlas can be used to find more viable paths to greater productive knowledge and prosperity. |
| economic model building process: An Evolutionary Theory of Economic Change Richard R. Nelson, 1985-10-15 This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry. |
| economic model building process: Discrete Choice Methods with Simulation Kenneth Train, 2009-07-06 This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum stimulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. The second edition adds chapters on endogeneity and expectation-maximization (EM) algorithms. No other book incorporates all these fields, which have arisen in the past 25 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing. |
| economic model building process: Econometrics For Dummies Roberto Pedace, 2013-06-05 Score your highest in econometrics? Easy. Econometrics can prove challenging for many students unfamiliar with the terms and concepts discussed in a typical econometrics course. Econometrics For Dummies eliminates that confusion with easy-to-understand explanations of important topics in the study of economics. Econometrics For Dummies breaks down this complex subject and provides you with an easy-to-follow course supplement to further refine your understanding of how econometrics works and how it can be applied in real-world situations. An excellent resource for anyone participating in a college or graduate level econometrics course Provides you with an easy-to-follow introduction to the techniques and applications of econometrics Helps you score high on exam day If you're seeking a degree in economics and looking for a plain-English guide to this often-intimidating course, Econometrics For Dummies has you covered. |
| economic model building process: Connected Healthcare for the Citizen Robert Picard, 2018-11-23 Value of Connected Things for Healthcare is based on feedback from members of the LLSA Forum, patients, healthcare professionals, Living Labs, industrialists, researchers and institutional actors confronted with the design, development, implementation and use of these types of tools that penetrate health and communicate data. The term connected object refers to devices that continuously collect data through these objects, providing the state of health of people wherever they are and whatever they do. These objects allow clinical researchers to study new phenomena that have hitherto escaped observations in institutions. However, the mobilization of these technologies in this context poses technical questions because the requirements of a remote, continuous operation are high. What is termed connected health emphasizes the human dimension of the subject, i.e., citizens, patients, health professionals, territorial communities, professional networks, institutions and associations. The questions of who benefits and ethical considerations are paramount to this discussion. - Brings awareness of the complexity of connected objects - Presents examples that highlight the use of connected codes - Describes new devices and related services - Identifies the challenges associated with solving these problems |
| economic model building process: The New Economic Sociology Maruo F. Guillen, Randall Collins, Paula England, Marshall Meyer, 2002-04-25 As the American economy surged in the 1990s, economic sociology made great strides as well. Economists and sociologists worked across disciplinary boundaries to study the booming market as both a product and a producer of culture, tracing the correlations they saw between economic and social phenomena. In the process, they debated the methodological issues that arose from their interdisciplinary perspectives. The New Economic Sociology provides an overview of these debates and assesses the state of the burgeoning discipline. The contributors summarize economic sociology's accomplishments to date, identifying key theoretical problems and opportunities, and formulating strategies for future research in the field. The book opens with an introduction to the main debates and conceptual approaches in economic sociology. Contributor Neil Fligstein suggests that the current resurgence of interest in economic sociology is due to the way it brings together many sociological subdisciplines including the study of markets, households, labor markets, stratification, networks, and culture. Other contributors examine the role of economic phenomena from a network perspective. Ron Burt, for example, demonstrates how social relationships affect competitive dynamics in the marketplace. A third set of chapters addresses the role of gender in economic sociology. In her chapter, Barbara Reskin rethinks conventional notions about discrimination and points out that the law only covers one type of discrimination, while in recent years social scientists have uncovered other forms of hidden discrimination, which must be addressed as well. The New Economic Sociology also addresses the problem of economic development and change from a sociological perspective. Alejandro Portes and Margarita Mooney elaborate on one of the key emerging concepts in economic sociology, arguing that social capital—as an attribute of communities and regions—can contribute to economic and social well-being by fostering collaboration and entrepreneurship. The contributors concur that economic action must be interpreted through the cultural understandings that lend it stability and meaning. By rendering these often complex debates accessible, The New Economic Sociology makes a significant contribution to this still rapidly developing field, and provides a useful guide for future avenues of research. |
| economic model building process: Introduction to Modern Economic Growth Daron Acemoglu, 2008-12-15 From Nobel Prize–winning economist Daron Acemoglu, an incisive introduction to economic growth Introduction to Modern Economic Growth is a groundbreaking text from one of today's leading economists. Daron Acemoglu gives graduate students not only the tools to analyze growth and related macroeconomic problems, but also the broad perspective needed to apply those tools to the big-picture questions of growth and divergence. And he introduces the economic and mathematical foundations of modern growth theory and macroeconomics in a rigorous but easy to follow manner. After covering the necessary background on dynamic general equilibrium and dynamic optimization, the book presents the basic workhorse models of growth and takes students to the frontier areas of growth theory, including models of human capital, endogenous technological change, technology transfer, international trade, economic development, and political economy. The book integrates these theories with data and shows how theoretical approaches can lead to better perspectives on the fundamental causes of economic growth and the wealth of nations. Innovative and authoritative, this book is likely to shape how economic growth is taught and learned for years to come. Introduces all the foundations for understanding economic growth and dynamic macroeconomic analysis Focuses on the big-picture questions of economic growth Provides mathematical foundations Presents dynamic general equilibrium Covers models such as basic Solow, neoclassical growth, and overlapping generations, as well as models of endogenous technology and international linkages Addresses frontier research areas such as international linkages, international trade, political economy, and economic development and structural change An accompanying Student Solutions Manual containing the answers to selected exercises is available (978-0-691-14163-3/$24.95). See: https://press.princeton.edu/titles/8970.html For Professors only: To access a complete solutions manual online, email us at: acemoglusolutions@press.princeton.edu |
| economic model building process: Building Models for Marketing Decisions Peter S.H. Leeflang, Dick R. Wittink, Michel Wedel, Philippe A. Naert, 2013-06-29 This book is about marketing models and the process of model building. Our primary focus is on models that can be used by managers to support marketing decisions. It has long been known that simple models usually outperform judgments in predicting outcomes in a wide variety of contexts. For example, models of judgments tend to provide better forecasts of the outcomes than the judgments themselves (because the model eliminates the noise in judgments). And since judgments never fully reflect the complexities of the many forces that influence outcomes, it is easy to see why models of actual outcomes should be very attractive to (marketing) decision makers. Thus, appropriately constructed models can provide insights about structural relations between marketing variables. Since models explicate the relations, both the process of model building and the model that ultimately results can improve the quality of marketing decisions. Managers often use rules of thumb for decisions. For example, a brand manager will have defined a specific set of alternative brands as the competitive set within a product category. Usually this set is based on perceived similarities in brand characteristics, advertising messages, etc. If a new marketing initiative occurs for one of the other brands, the brand manager will have a strong inclination to react. The reaction is partly based on the manager's desire to maintain some competitive parity in the mar keting variables. |
| economic model building process: Principles of Economics 2e Steven A. Greenlaw, David Shapiro, Timoth Taylor, 2017-10-11 |
| economic model building process: The Craft of Economic Modeling Clopper Almon, 2017-07 This book is a practical guide to building economic models both macroeconomic and multisectoral. It uses free software available from the Internet together with regularly updated databanks including the quarterly national accounts of the United States and other quarterly data. It assumes no prior acquaintance with econometrics or computer programming, but does assume a willingness to follow a mathematical argument. Much of the text has often been used in college teaching. The book begins with a very simple model that can be computed with a hand calculator or cell phone. The model has, however, a nonlinearity in the investment function and shows how a nonlinearity can lead to a model with a cycle which neither damps out nor explodes. It then moves to models built with real data in the framework of the U.S. National Income and Product Accounts and develops the important concept of identity-centered modeling. Once the identities are are working properly, the modeler can proceed to the estimation of equations by least-squares regressions. Gradually the reader is led to the construction of a model roughly comparable to those used by commercial economic forecasting firms. At every step of the way, the reader sees results of calculations with real data and is urged to estimate his or her own equations with real, up-to-date data. The second section explores making alternative forecasts with this model and devising optimal economic policies with its aid. It also explores the range of uncertainty of the forecasts due to known variability of the errors in its equations. A rather long chapter expounds some conventional econometric methods and applies them to real data to both illustrate them and evaluate their usefulness. Although most of the book uses equations which are linear in the parameters which must be estimated, some functions very useful for certain purposes in economics are non-linear in the parameters. A chapter is devoted to their estimation. Most of the book uses the relatively simple U.S. system of national accounts, but one chapter deals with modeling with the more complicated System of National Accounts used by most other countries. Like the economy itself, dynamic models such as those built here have a tendency to develop cycles. One chapter looks into the mathematical theory of why that is so. The third section enlarges the scope of the book to include multisectoral models. Although here the model actually built is a tiny one of 8-sectors with made-up data, the methods employed are exactly those of the Inforum models used in a number of countries around the world. Multi-sectoral models can use many of the same techniques used for macromodels, but there are some additional problems. One of these is the estimation of personal consumption functions where the demand for any one product depends not only on its price but those of all other products. One method which has worked better than others is explained and the results of its estimation in four countries are presented and compared. Another problem is the computation of product-to-product tables from those constructed by statistical agencies. The book does not explain Real Business Cycle models, nor Computable General Equilibrium models, nor Dynamic Stochastic General Equilibrium models, which are all, in the author's opinion, unrealistic fads, not serious ways of modeling an economy.. |
| economic model building process: Global Economic History: A Very Short Introduction Robert C. Allen, 2011-09-15 Why are some countries rich and others poor? In 1500, the income differences were small, but they have grown dramatically since Columbus reached America. Since then, the interplay between geography, globalization, technological change, and economic policy has determined the wealth and poverty of nations. The industrial revolution was Britain's path breaking response to the challenge of globalization. Western Europe and North America joined Britain to form a club of rich nations by pursuing four polices-creating a national market by abolishing internal tariffs and investing in transportation, erecting an external tariff to protect their fledgling industries from British competition, banks to stabilize the currency and mobilize domestic savings for investment, and mass education to prepare people for industrial work. Together these countries pioneered new technologies that have made them ever richer. Before the Industrial Revolution, most of the world's manufacturing was done in Asia, but industries from Casablanca to Canton were destroyed by western competition in the nineteenth century, and Asia was transformed into 'underdeveloped countries' specializing in agriculture. The spread of economic development has been slow since modern technology was invented to fit the needs of rich countries and is ill adapted to the economic and geographical conditions of poor countries. A few countries - Japan, Soviet Russia, South Korea, Taiwan, and perhaps China - have, nonetheless, caught up with the West through creative responses to the technological challenge and with Big Push industrialization that has achieved rapid growth through investment coordination. Whether other countries can emulate the success of East Asia is a challenge for the future. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable. |
| economic model building process: Dynamic Economic Decision Making John E. Silvia, 2011-08-09 A comprehensive analysis of the macroeconomic and financial forces altering the economic landscape Financial decision-making requires one to anticipate how their decision will not only affect their business, but also the economic environment. Unfortunately, all too often, both private and public sector decision-makers view their decisions as one-off responses and fail to see their decisions within the context of an evolving decision-making framework. In Decision-Making in a Dynamic Economic Setting, John Silvia, Chief Economist of Wells Fargo and one of the top 5 economic forecasters according to Bloomberg News and USA Today, skillfully puts this discipline in perspective. Details realistic, decision-making approaches and applications under a broad set of economic scenarios Analyzes monetary policy and addresses the impact of financial regulations Examines business cycles and how to identify economic trends, how to deal with uncertainty and manage risk, the building blocks of growth, and strategies for innovation Decision-Making in a Dynamic Economic Setting details the real-world application of economic principles and financial strategy in making better business decisions. |
| economic model building process: The Theory of Competitive Price George Joseph Stigler, 1946 |
| economic model building process: Energy from Waste Paul Breeze, 2017-10-27 Energy from Waste is a concise, up-to-date and accessible guide on how to create power from both urban and industrial waste. The book explores the types of waste that, instead of going to landfill, can be converted to energy, also discussing the most up-to-date technologies for doing so. The book contains a strong emphasis on the related environmental impacts and economic factors involved in the various methods of generating electricity, making this a valuable and insightful read for those involved in the management and conversion of waste, including energy engineers, managers and technicians. - Explores both urban and industrial waste, its composition and how it is collected, enabling readers to better understand which power generation technologies can be used to convert it into power - Discusses the most up-to-date technologies, along with the impacts they have on the environment, including solid residue, chemicals and dust from the flue-gas treatment (and the flue gas itself) - Evaluates the economic impact of converting energy from waste and implementing and managing waste plants |
| economic model building process: Doughnut Economics Kate Raworth, 2018-03-08 Economics is the mother tongue of public policy. It dominates our decision-making for the future, guides multi-billion-dollar investments, and shapes our responses to climate change, inequality, and other environmental and social challenges that define our times. Pity then, or more like disaster, that its fundamental ideas are centuries out of date yet are still taught in college courses worldwide and still used to address critical issues in government and business alike. That’s why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does. Along the way, she points out how we can break our addiction to growth; redesign money, finance, and business to be in service to people; and create economies that are regenerative and distributive by design. Named after the now-iconic “doughnut” image that Raworth first drew to depict a sweet spot of human prosperity (an image that appealed to the Occupy Movement, the United Nations, eco-activists, and business leaders alike), Doughnut Economics offers a radically new compass for guiding global development, government policy, and corporate strategy, and sets new standards for what economic success looks like. Raworth handpicks the best emergent ideas—from ecological, behavioral, feminist, and institutional economics to complexity thinking and Earth-systems science—to address this question: How can we turn economies that need to grow, whether or not they make us thrive, into economies that make us thrive, whether or not they grow? Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers. |
| economic model building process: How Will You Measure Your Life? (Harvard Business Review Classics) Clayton M. Christensen, 2017-01-17 In the spring of 2010, Harvard Business School’s graduating class asked HBS professor Clay Christensen to address them—but not on how to apply his principles and thinking to their post-HBS careers. The students wanted to know how to apply his wisdom to their personal lives. He shared with them a set of guidelines that have helped him find meaning in his own life, which led to this now-classic article. Although Christensen’s thinking is rooted in his deep religious faith, these are strategies anyone can use. Since 1922, Harvard Business Review has been a leading source of breakthrough ideas in management practice. The Harvard Business Review Classics series now offers you the opportunity to make these seminal pieces a part of your permanent management library. Each highly readable volume contains a groundbreaking idea that continues to shape best practices and inspire countless managers around the world. |
| economic model building process: Economic Growth, second edition Robert J. Barro, Xavier I. Sala-I-Martin, 2003-10-10 The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000. |
| economic model building process: Economic Model Building Frank Neal, Sir Robert Minshull Shone, 1976 Textbook on the theoretics and methodology of economic model construction - discusses the use of the scientific method and creative thinking in the construction of dynamic models (incl. Economic policy models amd econometrics models), etc. One-page bibliography. |
| economic model building process: Advancing Land Change Modeling National Research Council, Division on Earth and Life Studies, Board on Earth Sciences and Resources, Geographical Sciences Committee, Committee on Needs and Research Requirements for Land Change Modeling, 2014-03-31 People are constantly changing the land surface through construction, agriculture, energy production, and other activities. Changes both in how land is used by people (land use) and in the vegetation, rock, buildings, and other physical material that cover the Earth's surface (land cover) can be described and future land change can be projected using land-change models (LCMs). LCMs are a key means for understanding how humans are reshaping the Earth's surface in the past and present, for forecasting future landscape conditions, and for developing policies to manage our use of resources and the environment at scales ranging from an individual parcel of land in a city to vast expanses of forests around the world. Advancing Land Change Modeling: Opportunities and Research Requirements describes various LCM approaches, suggests guidance for their appropriate application, and makes recommendations to improve the integration of observation strategies into the models. This report provides a summary and evaluation of several modeling approaches, and their theoretical and empirical underpinnings, relative to complex land-change dynamics and processes, and identifies several opportunities for further advancing the science, data, and cyberinfrastructure involved in the LCM enterprise. Because of the numerous models available, the report focuses on describing the categories of approaches used along with selected examples, rather than providing a review of specific models. Additionally, because all modeling approaches have relative strengths and weaknesses, the report compares these relative to different purposes. Advancing Land Change Modeling's recommendations for assessment of future data and research needs will enable model outputs to better assist the science, policy, and decisionsupport communities. |
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Jan 7, 2025 · General economic slowdown, to a lesser extent, also remains top of mind and is expected to transform 42% of businesses. Inflation is predicted to have a mixed outlook for net …
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May 28, 2025 · The May 2025 Chief Economists Outlook explores key trends in the global economy, including the latest outlook for growth, inflation, monetary and fiscal policy. It …
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Dec 9, 2024 · The 2025 Annual Meeting of the World Economic Forum takes place from 20-24 January in Davos, Switzerland. The meeting convenes under the title Collaboration for the …
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The World Economic Forum
5 days ago · Learn about World Economic Forum's latest work and impact through the latest key messages on our Homepage.
5 economists on long-term economic trends | World Economic …
Apr 15, 2025 · The economic divisions have only been heightening in recent months as the US has implemented steep tariffs on major trading partners, kicking off a cycle of tit-for-tat trade …
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