Economic models simplify the world through assumptions in order to make clear predictions. This has definite advantages but also carries the danger of missing the forest for the trees. 1 These models carry the risk of over-simplifying real world scenarios because their simplified contexts, such as the foundational assumption of ration decision-making, are often unrealistic.2 Moreover, the simplifications involve ‘cognitive representations’ of factual contexts, which may carry human biases and limitations. 3 Acknowledging that creators of theoretical models have bounded cognition means that there can be more than one way of understanding and viewing systems and that the danger of theoretical traditions becoming dogmatic is a real one.