Mark Blyth on the Danger of Mathematical Models

The video uses an engine manual analogy to discuss the challenges in economic modeling. It highlights the limitations of mathematical models in economics, emphasizing the need for flexibility and empirical approaches. The video critiques the neoclassical worldview and suggests rethinking economic methodologies to better reflect real-world complexities.

What does the author suggest we need to rethink about economic models?

What are the implications of challenging the established economic models according to the text?