> The problem with mathematical economics is that the models are incomplete, and people aren’t perfectly rational actors. I don't understand this criticism. Al

> The problem with mathematical economics is that the models are incomplete, and people aren’t perfectly rational actors. I don't understand this criticism. All sciences are based on models that lie somewhere between incomplete and utterly wrong, but still these models are in fact useful and provide value. Take for instance physics, and how in some applications gravity is still modelled as a constant acceleration of 9.8m/s^2 pointing down. Although that model is very wrong it still works well enough to be useful.