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Economic models: are abstractions of reality and are, therefore, of no use to economists are generalizations of economic reality deal with a multitude of details

Economic models:

  • are abstractions of reality and are, therefore, of no use to economists
  • are generalizations of economic reality
  • deal with a multitude of details
  • are useless because they are not based upon laboratory experiments
  • are more effective the more complex they are

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