Over-simplification refers to the process of reducing a complex issue or concept to overly simplistic terms, often neglecting important nuances and factors that contribute to the overall understanding. In economic models like the Harrod-Domar Growth Model, over-simplification can lead to misleading conclusions about growth rates, investment requirements, and savings behavior, potentially overlooking critical elements such as technological change, labor market dynamics, and external economic influences.
congrats on reading the definition of over-simplification. now let's actually learn it.