Leontief's Devastating Critique Of Econometrics by Lars P. Syll A salient feature of modern mainstream economics is the idea of science advancing through the use of “successive approximations" whereby ‘small-world’ models become more and more relevant and applicable to the ‘large world’ in which we live. Is this really a feasible methodology? Yours truly thinks not. Please share this article - Go to very top of page, right hand side, for social media buttons. Most models in science are representations of something else. Models “stand for" or “depict" specific parts of a “target system" (usually the real world). And all empirical sciences use simplifying or unrealistic assumptions in their modelling activities. That is not the issue -