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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.
- Summer '08