Economics professor: Economic models are wrong and invalid, but simple and 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 (Professor Williamson’s comment on Noah Smith’s blog post, January 10, 2014)

***
Join Economic Sociology and Political Economy community via
Facebook / Twitter / LinkedIn / Instagram / Tumblr / Reddit / Telegram

Advertisements
Image | This entry was posted in Economists quotes on economics and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s