By Iain Begg, Brian Henry
This booklet incorporates a choice of especially commissioned papers during which major economists discover the position of utilized economics in informing public coverage. The contributions disguise macroeconomic modeling, using corporation info to evaluate financial functionality, ideas for info collecting and coverage research. The e-book covers quite a few learn tools and indicates how those were utilized in perform to explain monetary difficulties. utilized economics is either an paintings and a technology, and this booklet demonstrates why.
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Additional info for Applied Economics and Public Policy (Department of Applied Economics Occasional Papers)
However, populations of industries and consumers are patently not those of identical individuals. Industries vary enormously in their production characteristics and in their organisation, with some being dominated by a few companies and some, particularly energy industries, being subject to stringent regulation. Consumers can also differ markedly from each other according to social group, family type, and lifestyle. Large-scale pollution is highly specific to certain productive activities and certain consumer lifestyles, which can be much more polluting than others.
Factors important in determining the appropriate size of a model are as follows. e. at least 12 or more countries). Carbon content of fuels The main GG emission problem in Europe is CO 2 from combustion of fossil fuels. However, the main fuels concerned, gas, oil and coal, have substantially different carbon contents per unit of heat released. The model should include several fuels and fuel users. In fact, the data are available for 10 energy carriers (electricity is not strictly a fuel) and 17 fuel users, and it is convenient to include these classifications as they stand.
It makes sense, therefore, to distinguish the forecast made by the forecasting team from the model forecast. The world is complex and changes very often in ways which it is impossible to anticipate, and so no serious macroeconomist would sit back and regard an estimated model as 'finished'. Important and fundamental methodological and modelling issues are, however, provoked by these matters. One is the dual role of these models: they are meant both to represent a complete macro-structure, and to provide useful forecasts.
Applied Economics and Public Policy (Department of Applied Economics Occasional Papers) by Iain Begg, Brian Henry