<b>Letters</b>: Use with caution

The availability of computer technology-directed tools of data sourcing and analysis

A V Rajwade’s column, “Mathematical models in economics” (March 9) was interesting. All mathematical models, particularly those in social sciences, are contingency models — they operate under certain conditions and assumptions. The more the assumptions, in numbers or impact, the greater the possibility of deriving questionable conclusions. Such limitations should always be kept in mind while using them.
 
There are more limitations. Economics is being influenced by political decisions so much that the dictum “the technical core of economics is indispensable infrastructure for the political economy” looks dated. The government’s demonetisation decision can hardly be repudiated or substantiated by