Why Economic Models are Wrong
Thursday 27 October 2011 at 04:41 am. Used tags: climatechange, ecnomics, models
Scientific American had an article summarizing a paper about why economic models are always wrong, but the first comment said it more succinctly: given a finite set of points, you can find an infinite number of equations (model parameters) that generate those point. Only one of that infinite number is correct, and you aren't going to find it. Of course, when the model changes over time, it is that much harder.
Climate models are basiclly the same thing, and have the same problem. Which means that all the conclusions based on computer models are a poor basis for changing society.
