Sunday, November 29, 2020

About models.................................

 Paul Krugman, who won the Nobel Prize for economics at least in part due to the beauty of his models, once quipped that he thought the data left out of his models might be more important that the data that went in.  It is an explosive and challenging remark, revealing the intrinsic difficulty of models:  they will always be subjective and incomplete representations of complex reality.

-Margeret Heffernan, Uncharted:  How To Navigate The Future

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