Mathematical models are theoretical programs created by people based upon their observations of the past and present in order to estimate what will happen in the future. As such they are subject to all the human error that observations and data gathering can allow, including preconceptions and bias. "Mathematical" does not shield humans from mistakes.
Malthus' otherwise plausible conclusion was trumped by the Industrial Revolution, which hugely increased the productivity of agricultural labor and, through crop improvements, agricultural land. The Club of Rome in the '70s made a similar, unfulfilled, prediction. Stock market projections, business plans, the Department of Energy's deployment of fuel supplies are all mathematical models. Long Term Capital Management was a company with an investment model developed by two Nobel Prize winning economists and it went broke--twice!--and almost took Citibank with it.
Here is another mathematical model:
Malthus' otherwise plausible conclusion was trumped by the Industrial Revolution, which hugely increased the productivity of agricultural labor and, through crop improvements, agricultural land. The Club of Rome in the '70s made a similar, unfulfilled, prediction. Stock market projections, business plans, the Department of Energy's deployment of fuel supplies are all mathematical models. Long Term Capital Management was a company with an investment model developed by two Nobel Prize winning economists and it went broke--twice!--and almost took Citibank with it.
Here is another mathematical model:
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