May
9
“The error of principle—the reason these models will never be useful—is best exposed by Jorge Luis Borges’ story of mapmakers who competed to build the best possible map. They eventually understood that the most accurate map simply replicated the world. The search for realism destroyed the purpose of the map. A map is valuable precisely because it simplifies and omits. Economic models are maps for the market economy. A map can be false but never true”
Culture and Prosperity (via Lone Gunman)
