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Economic Models: Know Them, Appreciate Them, Use Them

  • Colorado Springs, Colorado (map)


On a fundamental level, economics is a behavioral science whose goal is to understand how and why individuals, firms or governments make the choices they do. In pursuit of that goal, economists rely on models to analyze real world issues. For instance, the Demand and Supply model has numerous applications. It can be used for simple analysis such as the result of an outbreak of mad cow disease on the market for beef or more complex policy analysis such as taxes, rent controls, or a price ceiling on basic necessities. Though much of this course will look at the various ways that the supply and demand model is employed, we will be able to explore the wide variety of models used by economists. If you teach economics or even if you simply want to incorporate economics into other disciplines you teach, you should have some fluency in a few basic economic models. In this workshop, you can bone up on some of those famous economic models and explore their applicability in practice.