Modeling in economics

26 Sep, 2012 at 10:20 | Posted in Economics | Comments Off on Modeling in economics

Remember that a model is not the truth. It is a lie to help you get your point across. And in the case of modeling economic risk, your model is a lie about others, who are probably lying themselves. And what’s worse than a simple lie? A complicated lie.

Sam L. Savage The Flaw of Averages

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