Wednesday, February 07, 2007

Quote of the Day: Economic Models

“The construction of an economic model, or of any model or theory for that matter (or the writing of a novel, a short story, or a play) consists of snatching from the enormous and complex mass of facts called reality, a few simple, easily-managed key points which, when put together in some cunning way, become for certain purposes a substitute for reality itself.”

~Evsey Domar, Essays in the Theory of Economic Growth

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