Einstein was quoted saying "Everything should be made as simple as possible,but not simpler." When it comes to economic models this means that
A) models shouldn't be too complex.
B) models shouldn't be too simple.
C) models should have a level of abstraction appropriate to the topic investigated.
D) All of the above.

Question

Quizplus · Accepted Answer

Economic models should balance simplicity and complexity to appropriately address the topic under investigation, aligning with Einstein's quote about making things as simple as possible but not simpler. This means they shouldn't be overly complex or overly simplified, and should have an appropriate level of abstraction.

Einstein Was Quoted Saying "Everything Should Be Made as Simple