There&#x27;s nothing intrinsically wrong with sophisticated mathematical abstractions, but they have to be built upon a foundation of realistic assumptions otherwise they&#x27;re just intellectual masturbation.<p>There&#x27;s a disturbing number of economics papers with complex mathematical models built on patently wrong assumptions (perfect competition, a &#x27;natural&#x27; rate of unemployment, no barriers to entry in markets and all of that rubbish).<p>I suspect the math is intimidating to policymakers and their advisors even if it isn&#x27;t to some of us.