One criticism often heard about economics is that the models we use are unrealistic: in seeking to keep the scope of our work more manageable by making certain assumptions or ignoring certain details, we may oversimplify the situation.

1. Write one paragraph on whether you agree or disagree with this criticism.

Why do we use models at all, and how should we balance the need for simplicity with the need for accuracy?

1. Write one paragraph explaining what makes a good model.

Find an example of a model (in economics or elsewhere) in the real world and explain if you think your example strikes the right balance between details and simplification of use.

1. Using your model, found in an academic journal article, write one paragraph explaining the model and the degree of usefulness (any strengths or weaknesses).