[nq:1]Hello. I cannot understand what 'RELAX' means in the following statement. Standard neoclassical modeling assumptions are then RELAXED. Assumptions are relaxed? Does that mean assumptions get useless?[/nq] No, it means the rules are relaxed or loosened. In whatever situation you are describing, the assumptions are no longer as strictly applied.
[nq:1]I cannot understand what 'RELAX' means in the following statement. "Standard neoclassical modeling assumptions are then RELAXED."[/nq] It means assumptions are broadened or, when taken to the extreme, eliminated. A model is a simplified representation of something in the real world. In order to generate such a simplified representation, assumptions are made about the true nature of t
[nq:1]I cannot understand what 'RELAX' means in the following statement. Standard neoclassical modeling assumptions are then RELAXED. Assumptions are relaxed? Does that mean assumptions get useless?[/nq] From (COD11) relax · v.