MICROECONOMICS PRINCIPLES WITH ETHICS

MODULE 2: Models - The Economic Method

Textbook Reading:

Presentation Slides:

Additional Useful Information:

What Are Economic Models?
A Back to Basics brief by Sam Ouliaris at the IMF.

Model Building in Economics
A Textbook Commentary from the World Economics Association.

Comments on Economic Models, Economics and Economists
Comments about Dani Rodrick's Economics Rules, by Ariel Rubenstein.

OVERVIEW

In this module we cover the primary method economists use to understand the workings of an economy, namely model building. Models represent a very structured way of thinking about a system that is sometimes difficult to understand. However, because there exists a pervasive lack of understanding about how models work which leads to misinterpretations about our economic knowledge, it is very important to explain economic reasoning.

VIDEO LECTURE

The Economic Method - 29 minutes