The Proposed Economic Model

George T. Edwards

Chapter 2 in How Economic Growth and Inflation Happen, 1984, pp 18-69 from Palgrave Macmillan

Abstract: 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.

Keywords: Interest Rate; Financial Institution; Inflation Rate; Money Supply; Consumer Credit (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-17395-2_2

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DOI: 10.1007/978-1-349-17395-2_2

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