∞ Quartz – Thomas Piketty explains the meaning of economic models, and why we can’t rely on them

A nice explanation of the usefulness, or lack thereof, of economic models. I love the quote Quartz features from Peter Hansen:

Models are always wrong. It seems kind of strange to hear that initially, but there is a sense in which models are simplifications; they are abstractions. And they are wrong.

Before you argue with Hansen's statement, remember he is a Nobel-prize-winning economist himself.