what is the definition of black box in economy?

Answer 1

Black box in science is a mystery to figure out when you know the inputs and the outputs, Then you got to figure out what the hell happened in the middle - the black box.

So for economics you may know how supply or demand has changed. Then you know the new price. Your black box model would be what the happened from the input change to get to the new price.

There was a book written 20 years ago related to black box and economics.