Date of Award


Document Type

Senior Scholars Paper (Colby Access Only)


Colby College. Economics Dept.




In general terms, the main focus of this study is to examine how the best way to begin understanding the intricacies of any system is to model it into a cogent set of ideas. This is what was done with the development of a simple, but coherent set of empirically tested theories concerning economic behavior. There is not one theory presented which even pretends to predict the exchange of goods and services with complete accuracy. I doubt that such a pervasive theory exists. What is possible is to carefully observe a system, study it constantly, think about it always, derive a set of hypotheses concerning how you feel it behaves, try to test these thoughts, and then, finally, construct the important considerations into a mathematical subsystem.


United States -- Economic conditions -- Econometric models


Full-text download restricted to Colby College campus only.