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Everybody has a model. It might be specified in code, it might be a set of equations, or it might be a poorly-specified and half-unconscious set of assumptions and biases in your own head.

I'm having a hard time thinking of a topic involving economics where the latter would be preferable.



The mistake is to think that your set of equations do not merely encapsulate your half-unconscious, poorly-specified assumptions and biases.


They do and that's fine. Now that they're written down, they're conscious and specified, so we can examine both the assumptions and their implications.




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