Chaos is not a "theory"

P8475423 at vmsuser.acsu.unsw.EDU.AU P8475423 at vmsuser.acsu.unsw.EDU.AU
Wed Sep 20 22:31:07 MDT 1995


Sorry to clutter mailboxes with this one; but Jerry, really!:
Unless an economic model accounts for all of the variables that affect
material reality, how can it model that reality?
...
Maybe my appetite's choice for lebanese pizza one day rather than
vietnamese pork rolls has an impact on the economic process; but I'm
sure as hell not going to worry if I don't model my appetite in
my models! Sorry if this is a bit sharp, but hey mate, watch
the exaggeration factor when you post sceptical comments. As
Joan Robinson said long ago, a model that accounted for every
detail of reality would be larger than reality itself, and
hence useless. The best we can hope for is to uncover the
salient factors, and leave the rest to "exogenous factors".

Cheers,
Steve K


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