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Exactly. I don't think models, math, and simulations in the area of economics are evaluated by their predictive power or their fidelity to the real word. I'd s
by dingfeng_quek 15y ago
Exactly. I don't think models, math, and simulations in the area of economics are evaluated by their predictive power or their fidelity to the real word.
I'd say that they are generally exploratory models and pedagogical models. That's why the critic by the original poster is off-target: it hardly addresses the commonly used/accepted metric for economic insight.