By F. Neal, Robert Shone
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Additional info for Economic Model Building
In a situation of perfect competition, because of the excess demand Oq 3 -Oq 1 which exists at the price Op 1 ,price will be bid up. As this occurs consumers cut back their quantities demanded along the new demand curve while suppliers increase their supplies along the supply curve. Exactly how far this reaction continues is governed by the simultaneity of the model. It will continue until the quantity demanded is equal to the quantity supplied, that is until qd = qs = Oq 2 • In other words the effect of a change in income is to 38 Economic Model Building increase the equilibrium price from Op 1 to Op 2 and to increase the equilibrium quantity demanded and supplied from Oq 1 to Oq 2 • The change in the endogenous variables has come about because of a change in the value of the exogenous variable.
They remain constant only for short periods of time and will change when the set of 1 26 Economic Model Building circumstances change. In other words, the relationship p = 10- 0. 01 q is a fairly limited statement, but it does have some uses. We shall discuss such constants in economic relationships more fully in the next chapter. Despite these problems, e'conomic theory does enable us to explain a wide range of complex phenomena. The influence of the market, competition, profit, and costs on the allocation of the world's resources cannot be denied.
Permanent income' was introduced into economics by Friedman. It provides the basis for much of macroeconomics but exactly what is 'permanent income' and is it, even in principle, measurable? Even such an obvious variable as 'population' presents problems. A relationship which includes population may be incomplete if population refers to just numbers. It has been argued by some that 'population', as a variable, must be defined in terms of number, sex and age composition. Part of the job of the economist, therefore, is to make his variables more precise and, if possible, make them measurable, if that is, in principle, feasible.