Well, as you can see, this is the first page of our blog. Mostly, this blog is about Mathematics, Computer Science, Software Engineering, Economics and probably something about law.
What I want to say in the first page here is that economic is a science as well as physic, chemistry or biology. We use data, we build a model or find a possible expression for a phenomenon,and we bring our theory into our life. The only difference is that we study on human’s economic activities instead of natural phenomenon.
In 1960s an economist found a mathematical relationship between unemployment rate and inflation rate, which provides a possibility to lower the unemployment by using a high inflation rate. The Phillips curve:
Look how close it is! What a great model!
Wait a minute… Where is the data of 70s 80s or 90s?
Anyway, just remember Economics is a serious science.