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Can you really compare Economic models to Physics models without discussing the simplifications necessary to create an Economic model?
by cq 15y ago
Can you really compare Economic models to Physics models without discussing the simplifications necessary to create an Economic model?
- Symmetry 15y agoYou usually have to make a large number of simplifications to create a Physics model too. The question is how those simplifications change the accuracy of the model. "Essentially, all models are wrong, but some are useful" -George E.P. Box
- LuisZaman 15y agoWe can generalize to more than just physics and economics... As the quote says, ALL models are wrong (no matter what field). If you have a model that is "right" then it isn't a model, is it?
- jallmann 15y agoAssume a spherical cow...