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In investigating their models, economists do not appear to engage much in the activities many philosophers take to be essential to scientific understanding of the world, activities such as testing hypotheses and establishing laws. How, then, can economic models explain anything about the real world? Borrowing from William Dray, an explanation of what something really is, as opposed to an explanation of why something happens, is the subsumption of the explanandum under a suitable concept. One way economic models explain real-world phenomena is by providing explanations-what of such phenomena. In this way, economic models can afford explanations of the world without necessarily involving the activities philosophers take to be integral to scientific understanding of the world, for explanations-what do not necessarily involve the activities in question.

Pt.1: Strategic policy directions. - 209 S.; Pt. 2: Concluding part: Strategic policy measures. - 143 S

1. Introduction -- 2. Consumer behavior -- 3. Producer behavior -- 4. Market equilibrium models -- 5. Macroeconomic models -- 6. Microeconomic analysis using micro-data : qualitative-response models -- 7. Microeconomic analysis using panel data -- 8. Macroeconomic time-series analysis -- 9. Summary and conclusion.

Ethics and economic profits are considered to be trade-offs to one another. Akin to other disciplines, private media face the same dilemma. Pursuing more economic profit through increased viewership, advertising rates, or other practices usually comes at the cost of diminished ethical compliance. However, many studies highlight the importance of ethical guidelines in increasing revenues and profits in media organizations. This article aims to reconcile previous scholarship on the subject and develop an economic model of media ethics. The model is based on the literature and methodology of public economics, particularly that of public goods and externalities. It predicts that private media firms, when left to the perfectly competitive market, produce a greater quantity of news that may not be socially desirable and is of low quality and poor ethical compliance. When the social cost of producing ethical and quality media products is considered, the revenue of the private firms decreases, thereby suggesting an inverse relationship between ethical compliance and profits. This demands a case for libertarian paternalism, nudges, or incentives to restore private firms to the socially optimal equilibrium to ensure independent, ethical, free, and sustainable media.

"Medical practitioners typically utilize the following protocol when advising pregnant women about testing for the possibility of genetic disorders: Pregnant women over the age of 35 should be tested for Down syndrome and other genetic disorders; for younger women, such tests are discouraged since they can cause a miscarriage. The logic appears compelling. The rate at which amniocentesis causes a miscarriage is constant while genetic disorders rise over a woman's reproductive years. Hence the potential benefit from testing - being able to terminate a fetus with a genetic disorder - rises with maternal age. We argue that this logic is incomplete. While the benefits to testing rise with age, so do the costs. While undergoing an amniocentesis always entails the risk of miscarriage of a healthy fetus, these costs are lower at early ages, because there is a higher probability of being able to replace a miscarried fetus with a healthy birth at a later age. We develop and calibrate a dynamic model of amniocentesis choice to explore this tradeoff. For parameters that characterize realistic age patterns of chromosomal abnormalities, fertility rates and miscarriages following amniocentesis, our model implies a falling, rather than rising, rate of amniocentesis as women approach menopause"--National Bureau of Economic Research web site