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An economic model that contains a highly realistic set of assumptions is

akempire

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An economic model that contains a highly realistic set of assumptions is

An economic model that contains a highly realistic set of assumptions is

▸ necessarily better able to predict the future.

▸ certainly superior to a model whose assumptions are somewhat unrealistic.

▸ useful because there is then very little difference between "theory" and "reality."

▸ more abstract than a model whose assumptions are further removed from reality.

▸ not likely to be useful because of its particularized nature and its complexity.

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Microeconomics

Edition: 17^th

Author: Ragan

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