RE: [OPE] Constant returns to scale - IRS

From: Michael Williams <>
Date: Sun Oct 05 2008 - 15:42:26 EDT

Comparative static modelling enables the abstract prediction of the movement of the system following a change in the data. This may help to focus interpretation of a dynamic model or theory. If income changes we expect a tendency for demand to shift, and so prices and quantities traded to shift. This is an insight into how markets function.




Dr Michael Williams, BA, MSc, PhD


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From: [] On Behalf Of Gerald Levy
Sent: 05 October 2008 20:03
To: Outline on Political Economy mailing list
Subject: Re: [OPE] Constant returns to scale - IRS


> Comparative static abstractions can help in the difficult task of interpreting dynamic models.


Hi Michael W:


What would be an example of this?


In solidarity, Jerry

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