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Tag Archives: economics and logic

Lars P. Syll — Rethinking expectations

The epistemological  and logic problems are not due to either models or their assumptions but rather misinterpreting what a model says about the world realisitically. Models are necessarily simplifications, since their purpose is to encapsulate as well as explain. The probems arise typically in assumptions about the application of models as accounts of real events.  A major issue is over-generalizing by taking a model that illustrates a special cases and extending its scope to other...

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