All Models Are Wrong

Your internet is not as fast as it could be. Does that matter as long as you can load this article? Arguably not. Our world runs on the functional, not the perfect.

Like heuristics, models work as a consequence of the fact they are usually helpful in most situations, not because they are always helpful in a small number of situations.

It’s crucial for us to understand as many mental models as possible. As the adage goes, a little knowledge can be dangerous and creates more problems than total ignorance. No single model is universally applicable – we find exceptions for nearly everything. Even hardcore physics has not been totally solved.

A model is a simplification which fosters understanding.

Remember that all models are wrong; the practical question is how wrong do they have to be to not be useful.