Question

Please write a short essay (2-5 pages) on how we should go about analyzing and judging economic models, economic ideas, and schools of economic thought. In your essay, you should definitely address the following questions:

1. What you think economists should be focusing on when they study "economics"?

2. What methods of study, verification, dissemination, and teaching are appropriate?  

3. How do we judge economic ideas and models in an objective manner?  

4. Is it possible to examine abstract ideas without being influenced by our culture, our position in society, and our prior accumulation of knowledge and experiences?

5. What is the purpose of an economist, and what should an economist do with her knowledge?

Answer 1

• In economics model is a theoretical construct representing economic processes by a set of variables and a set of logical quantitative relationship between them.The economical model is a simplified often mathematical,framework designed to illustrate complex processes.A model may have variable exogenous variables,and those variable may to create variables.Methodological uses of models include investigation theorizing and fitting theories of the world.
• In the history of economic thought a school of economic thought is a group of economic thinkers who share a common perspective on the way of economies work.CLASSICAL ECONOMICS,NEO-CLASSICAL,KEYNESHIANSCHOOL OF THOUGHT,MONETARISM,BEHAVIOURAL ECONOMICS,MARKET MONETARISM,MARXIAN APPROACH etc are some school of thought.
• Economics can be defined in a few different ways.It is the study of scarcity,the study of how people use resources,and respond to incentives.It often include topics like wealth,and finance.