How to Build an Economic Model in Your Spare Time

Abstract

Most of my work in economics involves constructing theoretical models. Over the years, I have developed some ways of doing this that may be worth describing to those who aspire to practice this art. In reality the process is much more haphazard than my description would suggest—the model of research that I describe is an idealization of reality, much like the economic models that I create. But there is probably enough connection with reality to make the description useful—which I hope is also true for my economic models.