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Economic theories and models importance and refinement explained.
An economic theory or model is a framework that explains how economic processes work, based on observations and analysis.
What makes a "good" economic theory or model is its ability to accurately predict real-world economic behavior and outcomes.
Economic models are constantly being refined to better reflect the complexities of economic systems and make more accurate predictions. If a theory is inconsistent with some but not all observations, it can still be useful for policymaking purposes by providing valuable insights or guiding principles.
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