Question

what are the criteria of a good economic model...plz long answer dena ​

Answer 1

Answer:

This essay describes the seven key properties of useful economic models: parsimony, tractability, conceptual insightfulness, generalizability, falsifiability, empirical consistency, and predictive precision. of these properties, although almost no economic models have them all.

Answer 2

Explanation:

Economic models are conceptual frameworks that aid in the understanding,

description, and/or prediction of human behavior. Formal empirical analysis, casual

observation, and introspection all play a role in demonstrating the correspondences

between economic models and the world.

In this section, we define the seven key properties of good models. We note that

these properties are not always mutually consistent. Consequently, these properties

sometimes need to be traded off against each other.

1. Parsimony

2. Tractability

3. Conceptual insightfulness

4. Generalizability

5. Falsifiability

6. Empirical consistency

7. Predictive precision

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