> All models are wrong by definition. I would agree. > Just because a model is simple doesn't mean that it is bad or worse than a model with more complex assu

> All models are wrong by definition. I would agree. > Just because a model is simple doesn't mean that it is bad or worse than a model with more complex assumptions. I'm not condemning it being simple. If we were just talking about small or exceptional exclusions to the rules like Giffen or Veblen goods, then I wouldn't have made the above post. We're talking about fundamentally incorrect building blocks that aren't even acknowledged in the literature.