econ101intro

econ101intro - empirical evidence.” Diane Coyle...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6/23/2009 2 Another Great Depression? 3 Another Great Depression? 4
Background image of page 2
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
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

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.

Page1 / 3

econ101intro - empirical evidence.” Diane Coyle...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online