One of may favorite quotes about models is (paraphrased): All models are wrong, but some models are useful. I see it most often attributed to George Box, a sta

One of may favorite quotes about models is (paraphrased): All models are wrong, but some models are useful. I see it most often attributed to George Box, a statistician, but it's not completely clear he was the originator. In physics you have a luxury of verifying models at many empiric touchpoints via data collected in controlled or precisely measurable conditions. Comparatively in economics it's difficult to establish you have a useful model because the empiric data is difficult, and with unmeasurable aspects around human choices.