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some will not want to use imperfect model at all, but that is going too far, and would have prevented any progress in human knowledge

Key word here is "use."  

Developing a Model is an iterative process of taking a swing at it, testing, re-formulating, re-design, re-test, reformulating, until a valid (True + Accurate) representation of the phenomena is derived.  A big problem occurs when modelers develop intellectual psychosis, meaning they have derived a non-valid Model and then stopped testing and re-designing.  Neo-Classical Economics is one example, Freudian psychology is another.  

When this happens using the Model leads to inappropriate decisions and actions.  

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Fri Mar 21st, 2014 at 12:16:17 PM EST
Economics is not a model, it's a theology - which is to say it's a lie used to maintain and promote power.

You can make economic models that describe reality, but they still accept the standard assumptions of resource scarcity and competitive acquisition.

I'm not aware of any models that try to quantify the productive value lost to the world economy by these assumptions. (I'd estimate the equivalent of many trillions every year, at least.)

by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Mar 21st, 2014 at 02:04:19 PM EST
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