economists look at evidence to test whether a model is useful or not. Real-world data are examined
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economists look at evidence to test whether a model is useful or not. Real-world data are examined to see if they conform to the predictions of the model. A model is good if it generates usable predictions and implications for the real world. A model that predicts better is generally considered a better model. Which model from the reading did you find most useful?
Related Book For
John E Freunds Mathematical Statistics With Applications
ISBN: 9780134995373
8th Edition
Authors: Irwin Miller, Marylees Miller
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