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How to Build an Economic Model: Advanced Learner Guide

exam stressMany of college works in economics require building theoretical models needed to practice this discipline. There are some useful ways regarding how to build economic model that ease the process that in reality is quite chaotic.

Gather Good Ideas

That’s the point to start with. Make sure to search for your ideas outside the college books, papers and journals! Instead, pitch them in magazines, radio and TV programs, in conversations and newspapers. When you’re looking through the papers, pick the articles about economics. When it comes to the magazines, they always go deeper into various economic issues. Conversations are in turn always fruitful, in particular with the individuals engaged in business.

Before you start working on your idea, make sure to stop asking whether it is interesting for your reader. In case it is not attractive, people won’t care whether it’s appropriate and correct. So, ensure to try it out on your pals or parents. Find out whether they think it’s worth researching.

Get to the Modelling

The good news is that all economics models are the same. The so-called economic agents are required to make choices to advance their objectives. These decisions are needed to satisfy different constraints so there is something that can easily adjust to make the choices consistent. The standard structure involves the plan of attack: Who are the individuals who are about the make the choices? What kind of constraints may they face? In what way are they interacting? These simple questions will help you to identify the model segments accurately. When you have got an idea of how these sections should look like, it’s time to proceed to the next stage.

Explore the Literature

Now it’s time to conduct your thesis research. Besides, this is the point where you can actually learn something. Just make sure to carefully read the articles and see whether someone else started with the same ideas. This will help you to find out what you missed. The next scenario is that you’re possibly wrong. Maybe your idea is out of date. Maybe your analysis isn’t particularly correct. Contact your advisor to detect any misdirection in your investigation and start getting an independent judgment of your model.

Planning the Economic Model

Every student writes on a PC nowadays. That’s awesome since computers are real savers! For instance, you can create a special file called ‘Papers’ and then jot down the initial sketchy ideas that you have. In the following says you will take an occasional look at the outline. You will be able to move the segments around, add some details, etc. Once the ideas are properly organized, you’re ready to work on your first draft. Economic papers are like fine cheese. They need time to age and get enhanced. Put it aside for a week or two. This pause will provide your subconscious mind with a chance to take a different look at the idea and come up with something you’ve missed.

Hope these instruction on how to build economic model help. Once you have made the point, make sure to stop. A lot of projects tend to drag on for too long. Your readers won’t remember all the unnecessary content unless your name is John Ronald Reuel Tolkien.

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