The Reliability of Models & Statistics by Michael Ee https://padlet.com/michael_ee/y1hmw0qjequ6r4pe Have 1 scribe write down the answers to the questions on this Padlet. Be prepared to share when we regroup as a class. en-us 2020-04-20 00:20:46 UTC 2020-04-24 02:46:52 UTC hello@padlet.com https://padlet.net/icons/png/1f4c9.png Jaedon, Joan, Jerome Marcus, Siddique ahmad_siddique https://padlet.com/michael_ee/y1hmw0qjequ6r4pe/wish/516225624 1) Is there any value in economic models? Are they less valuable than scientific models?

Economic models, like scientific models, allow for a simplified understanding of certain concepts and relationships in economics, which is particularly pertinent for those who first learn about the Area of Knowledge in the first place and fr them to build off of those understandings. 

Economic models are as important as Scientific models given their specificity to each Area of Knowledge. You would not be able to replace an economic model with a scientific model, for example, and hence they hold relatively the same role in their respective fields.

2) Discuss the differences between trends and laws that are statistical in nature (Refer to textbook page 390 to 393)

Trends are consistent patterns that have occurred in the past and allow observers to make predictions about what may occur. However, these predictions may be fallible since it is based off of past events without any explanation proper. 

Laws are built off of multiple trends and is considered a fact of reality obtained from observation.

]]> 2020-04-20 01:30:28 UTC https://padlet.com/michael_ee/y1hmw0qjequ6r4pe/wish/516225624 Lynn, John, Axel, Tran Khoa lynnkhooweelin https://padlet.com/michael_ee/y1hmw0qjequ6r4pe/wish/516225698  1. Is there any value in economic models? Are they less valuable than scientific models?

They have values, they give fair predictions of economic activities. The models can simulate economic situations by making predictions. For example, when the variables are changing, we can see how variables affect the price. The simple economic models are the foundations for studying the more difficult economic models. 

They are similar as scientific models also show predictions of what happens in real life. Take for example, the ideal gas equation. 

2. Discuss the differences between trends and laws that are statistical in nature (Refer to textbook page 390 to 393)

A trend shows the direction in which a variable is moving but gives no explanation for the movement. A law is a statement of fact deduced from observations. However, most laws are based off trends. Additionally, real-life situations can cause these laws to change.]]> 2020-04-20 01:30:32 UTC https://padlet.com/michael_ee/y1hmw0qjequ6r4pe/wish/516225698 Prashant, Justin, Jaehyun, Khushi, Dong Jun https://padlet.com/michael_ee/y1hmw0qjequ6r4pe/wish/516232113 1. Is there any value in economic models? Are they less valuable than scientific models?
Economic models do not exactly have to be less valuable than scientific models. However, they may not be as relevant as scientific models. Economic models would probably make a greater number of assumptions in order to appropriately make sense of what is going on in an increasingly complex world. The economies of countries in our world today vary a lot and a single theory, that takes all anomalies into account, may not be able to account for all of the varying systems.

2. Discuss the differences between trends and laws that are statistical in nature (Refer to textbook page 390 to 393)
If statistics are involved, the question is not about whether they are reliable but rather if they are relevant. 
Trend are patterns and could be subject to change. They may not be necessarily followed. However, laws preside over trends. 
Laws may make more assumptions than trends. Laws are probably derived from the generalisation of many trends and would thus, make more assumptions. Based on the textbook, laws are trends with an explanation. Trends are more of an observation. ]]> 2020-04-20 01:36:47 UTC https://padlet.com/michael_ee/y1hmw0qjequ6r4pe/wish/516232113 Jayson, Ethel, Joshua, Imran, Clara chngruihengjayson https://padlet.com/michael_ee/y1hmw0qjequ6r4pe/wish/516236336 1. It is in the matter of perspective as it depends on where it is being applied to, for example, there is the aspect of economic models being held against Chemistry and Biology models, which hence makes it different as it is way more complex when compared to the other natural sciences. But by itself, it is much easier to comprehend as they are taking the minimal amount of variable that are being compared, allowing one understand the whole economic parts on a whole.

2. Laws and Trends that are statistical in nature will have similar properties as they are more or less of the analysis of a period and develops a certain understanding of the topic after a period of time, which is how laws and trends are formed. However, laws are constant will need to change over time, while trend will follow the period of time and show the whole progression of this aspect.]]> 2020-04-20 01:40:24 UTC https://padlet.com/michael_ee/y1hmw0qjequ6r4pe/wish/516236336