D. Simpson, Barry; Kjar, Scott A. - In: New perspectives on political economy : NPPE ; a … 5 (2009) 1, pp. 9-16
Modern economics is filled with models using simultaneous equations to explain economic behavior. One common model, the circular flow diagram, is found in many principles-level textbooks, and is offered as the basic way in which economies function. The entrepreneur, if included at all, is...