Clopper Almon, The Craft of Economic Modeling, part 1

Ebook description

Department of Economics University of Maryland, Fifth Edition, January 2008This is a book about how to build models of a business, an industry, or the whole economy. Itexplains techniques used both in simple, single-equation models for forecasting the sales of a singleproduct of a single company and also in complex, many-equation models of an entire economy or ofthe world. The principal example in the first two parts of the book is a macroeconomic model of theUSA. The title, The Craft of Economic Modeling, emphasizes that the book does not stop with thetheory or even with a few examples. Rather, it leads the reader directly into practice, for it isaccompanied by computer software and data that enable the user to apply to practical problemsevery technique described. Though some of the exercises are just drills in the techniques, many callfor originality and creativity in handling real-life problems. Of course, as in any craft, a book canonly help, not replace, a living teacher.