Hi,

This week's paper is "How to Build an Economic Model in Your Spare Time", an essay from Hal Varian, Google's chief economist. While the essay is meant for economics graduate students conducting original research, it contains wisdom that can apply to anyone seeking ideas.

The summary of the essay is as follows:

"I said that every talk should have a summary---so I suppose I have to follow my own
advice. Here are the points to take away:

Look for ideas in the world, not in the journals.
First make your model as simple as possible, then generalize it.
Look at the literature later, not sooner.
Model your paper after your seminar.
Stop when you’ve made your point.


And now my points have been made, so I’m duty bound to stop. Go forth and model!"


Here is the essay: https://fermatslibrary.com/p/e2e6484d


Best,
Fermat’s Team
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