Comments by "Laurence Fraser" (@laurencefraser) on "The Market Exit" channel.

@aaad3552 in order to be useful, a model must be simpler than reality. By way of being simpler than the thing it is modeling, it is thus inherently incorrect in at least some respects. Consequently, all models are wrong. Some models represent what they are intended to in ways that one can act on and get the results intended, others are flawed, based on nonsense and producing bad results if one acts on them. The former are useful, the latter are not. Or, in other words, in what way and to what degree they are incorrect is important.
1