An excellent discussion

Paul Wilmott’s Blog: Magicians And Mathematicians

Models are metaphors. 

 Taleb’s and Romer’s comments are right on.

Edge: CAN SCIENCE HELP SOLVE THE ECONOMIC CRISIS?

Models in economics are to force you to be clear about the logic of the discussion to make sure that your story is consistent, and also to suggest the broad quantitative forces.  We can also use empirical work with the models to reject possible explanations.

 

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