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All Models Are Wrong
A mental model is simply a representation of how something works. We cannot keep all of the details of the world in our brains, so we use models to simplify the complex into understandable and organizable chunks.
authority • Mental Models: The Best Way to Make Intelligent Decisions
You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life. You've got to hang experience on a latticework of models in your head. What are the models? Well, the first rule is that you've got to have multiple models— because if you just have one or tw... See more
Charlie Munger • A Lesson On Elementary, Worldly Wisdom As It Relates To Investment Management & Business – Charles Munger, USC Business School, 1994
“All models are wrong, but some models are useful.”90 What he meant by that is that all models are simplifications of the universe, as they must necessarily be. As another mathematician said, “The best model of a cat is a cat.”91 Everything else is leaving out some sort of detail. How pertinent that detail might be will depend on…
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