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The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

Henry Hazlitt
Economics in One Lesson

Economic System Models

The Modeling a Simple Economy

I have begun this section on economic system models with models of a simple economy in order to introduce some fundamental concepts about models and the economy. (Although you can view each part separately, I strongly suggest that you work through them in sequence.)



Economic Systems