The phrase “All models are wrong, some are useful” is quite loosely used. Some take it in a very literal sense to imply that “Modeling is a futile exercise”. This is a terrible misunderstanding and we shall see why shortly. “All models are wrong, some are useful” is an aphorism (meaning it is a concise expression of general truth). But the aphorism in this case leads to misinterpretation. Firs…
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