Modern economic models sometimes require strong assumptions. What do you think are some of the trade-offs between
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Modern economic models sometimes require strong assumptions. What do you think are some of the trade-offs between a more rigorous, logically cohesive model with strong assumptions but clear inferences and a description of problems followed by a verbal discussion of possible implications?
Do you think the two approaches can be used together to inform each other?
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Both strong assumptions in logical models and verbal discussions of implications have their merits and downsides depending on the context and the end ...View the full answer
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