models.

There are other ways of representing models, such as text or narrative. But why would you use your fist to bang

a nail, if you had a hammer? Math has certain advantages over text. It disciplines your thinking by making you

specify exactly what you mean. You can get away with fuzzy thinking in your head, but you cannot when you

reduce a model to algebraic equations. At the same time, math also has disadvantages. Mathematical models

are necessarily based on simplifying assumptions, so they are not likely to be perfectly realistic. Mathematical

models also lack the nuances which can be found in narrative models. The point is that math is one tool, but it

is not the only tool or even always the best tool economists can use. So what math will you need for this book?

The answer is: little more than high school algebra and graphs. You will need to know:

• What a function is

• How to interpret the equation of a line (i.e., slope and intercept)
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