How to build an economic model to forecast future events

Reference no: EM13222213

1)When people must pay higher taxes on their wage earnings, it reduces their incentive to work is a positive statement.
2) We should lover taxes to encourage more work is a positive statement.
3) Economics cannot always be used to completely decide what society ought to do.
4) The system of public education in this country generates greater benefits to society than the cost of running the system in a normative statement.

Evaluate the following statement. It is easier to build an economic model that accurately reflects events that have already occurred than to build an economic model to forecast future events. Do you think that this is true or not? why? What does this imply about the difficulties of building economic models?

Reference no: EM13222213

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