Economic Models
Building bigger and more elaborate models will neither help us arrive at more realistic descriptions of the world nor help make our predictions more accurate. Mathematical models are just a more accurate way of describing certain complex systems and even though such a model can enhance our understanding of the problem and help us check the internal consistency of our assumptions, it will not tell us something we have not already told it.
Keywords: assumptions, complex systems, consistency, economic forecasts, growth, inflation, interest rates, macroeconomic models, wise men
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