Every model is "wrong", by definition of it being a "model" and not "reality". It's one of the few mind opening things I've learnt at university. That's not a

Every model is "wrong", by definition of it being a "model" and not "reality". It's one of the few mind opening things I've learnt at university. That's not a problem if you take it as an incentive to improve how much you know about the real world. It's a problem when you put the model before the people, and say that "models got us in trouble because of calibration problems". An economic crisis is not an unavoidable natural disaster, it's people screwing up other people.