econ101intro - empirical evidence.” Diane Coyle...

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6/23/2009 1 Growth and Fluctuations (June 22, 2009) Real GDP per Capita United States, 1870-2007 1 40,000 20,000 16,000 12,000 10,000 8,000 6000 United States, 1870 2007 ita GDP (2000 dollars) The average annual growth rate is 2.01% per year. 6,000 4,000 2,000 1880 1900 1920 1940 1960 1980 2000 Per cap Another Great Depression? 2
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6/23/2009 2 Another Great Depression? 3 Another Great Depression? 4
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6/23/2009 3 Economic Models “Economics is a science not because it mimics the same specific techniques or equations as natural scientists, . . . but because it tries to 5 model human behavior in general statements (or equations) with relatively few variables, and seeks to bring the models face to face with
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Unformatted text preview: empirical evidence.” Diane Coyle “Economics is the science of thinking in terms of models, joined with the art of choosing models which are relevant to the contemporary world.” John Maynard Keynes “All models are wrong, although some are useful.” George Box Economic Models (cont.) “Economists make an intellectual bet: that an exact solution to a grossly 6 oversimplified model that approximates the most important features of the world will be a reasonably good approximation to what is actually going on in the world.” Brad DeLong...
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This note was uploaded on 06/28/2009 for the course ECON 101 taught by Professor Miyanishi during the Summer '08 term at UC Davis.

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econ101intro - empirical evidence.” Diane Coyle...

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