Quote by George E.P. Box

Essentially, all models are wrong, but some are useful.

Essentially, all models are wrong, but some are useful.

Summary

This quote reflects the inherent limitations and imperfections of models in capturing the complexity of reality. Models, whether in science, economics, or other fields, are simplifications designed to represent a system or phenomenon. While no model can be a perfect representation of reality, some models can still provide valuable insights and practical applications. It highlights the importance of recognizing the limitations of models while appreciating their relevance and utility in understanding and navigating the world we live in.

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By George E.P. Box

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