Economic Models Quotes

“... toxic derivatives were underpinned by toxic economics, which, in turn, were no more than motivated delusions in search of theoretical justification; fundamentalist tracts that acknowledged facts only when they could be accommodated to the demands of the lucrative faith. Despite their highly impressive labels and technical appearance, economic models were merely mathematized versions of the touching superstition that markets know best, both at times of tranquility and in periods of tumult.”
― Yanis Varoufakis, The Global Minotaur: America, Europe and the Future of the Global Economy

“In economics, models are spoken of as being made of physics when in truth they are made of Lego. They have that degree of provisionality and tentativeness and, importantly, rebuildability. There's a permanent invitation to take them apart and put them together again in a form that works better.”
― John Lanchester, How to Speak Money: What the Money People Say — And What It Really Means