"I am pretty tired of people saying things like this, without fail, in every thread about economics. A simplified model is better than no model at all." Funny.

"I am pretty tired of people saying things like this, without fail, in every thread about economics. A simplified model is better than no model at all." Funny. I'm pretty tired of people saying that a terrible model that makes terrible predictions is better than no model. The unifying feature of perfectly rational, perfect information and a perfectly competitive market is not that they are the best way to simplify economic models, it's that they're the best ways of creating models that conceal true sources of profit.