Modeling failure

"One failing of at least some of those who inhabit the academic world is a relentlessly popular and hopelessly arrogant delusion that human behavior can be reduced to formulas that others can or should rely on.

Economists and finance experts seem especially guilty in this respect, having dreamed up models that regularly fail to predict anything that might be of value to those who must make decisions about what the future holds."

More on : http://www.financialarmageddon.com/2008/11/poisoned-math.html.

Been there, done that : I knew that 25 years ago ...