Dan Kervick writes good stuff. Here he writes about "Krugmans Flawed Model of Market Operations"
Krugmans model is a word model. A model all described in sentences and paragraphs presenting the complexities of economics.
Dan Kervick uses a word model of structured sentences, paragraphs and their logic content to explain the flaw in Krugman's word model.
Word models just don't suffice anymore in a technical world dealing with technical information relationships. Word models of complex things that are not otherwise expressed in the implementation of computer programs mostly serves as black magic tools to obscure the structure of information that should be at least modeled in more rigorous high level formats like UML using object oriented approaches to define what "is" that most likely lead to programming structures to accomplish whatever the essential "is" does as the functional aspect of its abstract being as a thing (what it is).
Economics is black magic that covers up a broken system. Religion is much the same. The core concept is there but it has been perverted and perpetuated because word models are simply to loosey goosey to pint down and can be presented and so many different ways to confuse whatever issue they deal with. Intentionally confuse when they are serving special interests.
There are math models of economics. Math all based in varying degrees on or manipulated after the fact with the intention to support whatever the creator of the math wishes to support. Also maybe to attempt to present the effect without connecting to a valid cause: Intentional or ignorant misdirection.
Complex word models for real world technical conceptual structures created by human beings independent of natural order physical structures that might serve to enforce validity simply do not cut it anymore no matter how many books and how many words are used to describe them.
Math is too complex for most. Show me the high level relationship UML model with a definitions of the Object Classes, their attributes, the attributes shared by children of the class and the things that the objects know how to do in communication with other objects in the system making calls for them to do something and return a value.
"I love you" is a word model. That's OK. It is not a technical thing, unless you are a geek.
The bible is a word model too.
Both models have a technical application where the rubber meets the road in practical application and that can be modeled in technical terms and methodology.
Thoughts for Sunday.
Am I a geek?
Have to model that out.
Movies are word models constructed in a plot that most often requires the suspension of dis-belief. Politics is a word model. If it was a structured information model it might approach being a science. That however would be counter to its objective to divert attention and obscure true intent.
Law is a word model . The ambiguity of the model employs a lot of people: This link: Measuring the Complexity of the Law
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