JSM 2005 - Toronto

Abstract #304841

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Legend: = Applied Session, = Theme Session, = Presenter
Activity Number: 488
Type: Contributed
Date/Time: Thursday, August 11, 2005 : 8:30 AM to 10:20 AM
Sponsor: Business and Economics Statistics Section
Abstract - #304841
Title: The Application of Statistics to Economics
Author(s): Hyun Suk Lee*+
Companies: Statistics Research Place
Address: Duckjin Dong Gersung Kyunggijang, Jeonjoo, 561-190, South Korea
Keywords: economic models ; new paradigm ; Kenesian model ; model of the wealthy nation
Abstract:

In this paper, we discuss economic models and propose a new paradigm for studying economics. We review four classic books and propose economic models based on them. Finally, we present the model of the wealthy nation, In this model, we discuss what influences the wealth of the nation and also what modification is necessary in the Keynesian model so the model can explain unemployment and provide the solution to the unemployment problem.

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Revised March 2005