Models On Models

It seems clear that one of the big reasons why finance theoreticians may resist and despise the criticisms of finance theory (even the calls to ban finance theory as deleterious to the world´s health) is that a theory-less universe would deprive them of the capacity to model. If modeling is possibly useless and potentially dangerous, do we need modelers at all?

I have a solution for the understandable angst that some modelers may feel these days, faced more than ever with external scepticism and cynicism as to their contributions. Why not model about the limits and dangers of modeling? Rather than spent yet more time dealing with some technical minutiae of existing models, why not build a model analyzing the impact on markets and the economy of existing models?

So no more papers on, say, VaR. Rather, papers on how VaR´s presence in financeland poses risks for the world. Make it as mathematical as you want.

No more models, rather more models on the dangers of models.