Economic Model

Paper Summary:

This paper examines one particular economic model, the aggregate supply-aggregate demand model, both as an abstract economic model and as a way of helping to predict in a rational fashion the direction that the U.S. economy may be taking in the future.

From the Paper:

"Those of us who are not economists may tend to think of such terms as "aggregate supply" or even "recession" as vaguely incantatory words that conjure up not ways to describe rational if complex (and therefore in many ways unpredictable) process but the dark arts of sorcery. But while economics is certainly not a precise natural science like chemistry (because the phenomenon involved are both so complicated and so subject to change because of different historical influences), it is of course a rational methodology through which to explain the ways in which various resources flow through the human community."

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