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The Proposed Economic Model

In: How Economic Growth and Inflation Happen

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  • George T. Edwards

Abstract

This chapter outlines an economic model; that is, it specifies an explicit system of theoretical relationships which may explain the linkages between movements in financial factors and the out-turn results in the real economy. No such approximation, however, can hope to deal in detail with all the complexities of the real world. The object of such a model is to make economic reality more understandable (and perhaps more manageable) by omitting many of the particular attributes of an actual economy. It should not be forgotten that in simplifying reality via an outline model (which hopefully contains many of the most relevant characteristics of an economy) some imperfections will be thereby created. A continuous vigilance is warranted to help judge whether any irrelevant component is included, or whether any essential features have been omitted, and the reader is invited to examine this chapter in that frame of mind.

Suggested Citation

  • George T. Edwards, 1984. "The Proposed Economic Model," Palgrave Macmillan Books, in: How Economic Growth and Inflation Happen, chapter 2, pages 18-69, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17395-2_2
    DOI: 10.1007/978-1-349-17395-2_2
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