Cosmos comments on Hardened Problems Make Brittle Models - Less Wrong
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Models are also dangerously seductive. You're gaining precision at the expense of correspondence to reality, which can only be a temporary trade off if you're ever going to put your knowledge to work.
I most strongly object to modeling as used in economics. Modeling is no longer about getting traction on difficult concepts - building these stylized models has become a goal in and of itself, and mathematical formalization is almost a prerequisite for getting published in a major journal.