Answer to Question #227974 in Microeconomics for Graylin Lapi

Question #227974

Briefly, discuss how economist test theoretical economic models?

 


1
Expert's answer
2021-08-23T13:29:26-0400

Economists do carry a set of theories in their heads the way a mechanic carries around his toolkit. When they encounter an economic issue they go through the theories they know to see if they can find the one that is suitable, then they use the theory to get insights that fits.


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