A Little Taste of Truth about Economic Models

People who work with models know how uncertain those crisp predictions produced by a model can be. Here is an interesting comment by an economist, Tyler Cowen, that I admire when asked about climate models in relation to economic models:

I don't have a lot of faith in the exact predictive powers of climate models, or for that matter economic models, but uncertainty about outcomes should make us worry more not less. Uncertainty usually has two tails, not just one.