“The models [in economics] are all wrong.., but we work with wrong models because they are simple, and – of course – because they are useful.”

“The models [in economics] are all wrong. Many people have emphasized that point… That’s what makes economics different. These things are all invalid, but we work with wrong models because they are simple, and – of course – because they are useful.” (Stephen D. Williamson, Department of Economics, Washington University in St. Louis)
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