Wednesday, November 05, 2014

Models *stand in* for the reality they are modeling

"Economists (just like their astronomer forebears) understand that a model stands in for their economic universe to enable them to explore certain properties of that world represented in the model." -- Mary Morgan, The World in the Model, p. 33 (emphasis mine)

The models of physics are no different: they stand in for certain properties of the real world, and allow us to study them in abstract isolation.


  1. I know there are people who do not understand this. Still, this seems so obvious ...

  2. So physics envy is when they want economics to substitue reality.


An extremely risky Christmas party

Nassim Nicholas Taleb's extreme risk analytics Christmas party.