“All models are wrong but some are useful”

All models are wrong in the sense that they are essentially simplified representations of reality, and thus cannot take all variables and unexpected occurrences into account. Therefore, models can never completely accurately depict a situation. An example of this is the ceteris paribus assumption of economic models. All economic models assume that all other factors remain constant, while in real life there are many external determinants that can affect the outcome. However, models are still useful in the sense that they act as a good starting point for prediction and interpretation of real life events and are still applicable to general situations, although individual differences have to be taken into account. For example, for a human anatomy diagram, every human has their individual body features, but what the model shows is still applicable to most people and thus allows us to draw further interpretation and analysis from it.

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