Which of the following is NOT one of the three things a good model should do?

A good economic model is intended to simplify complex realities to help understand economic processes and relationships. One of the key attributes of a good model is that it should predict cause and effect, allowing economists to forecast how changes in one variable can impact another. This predictive capability is essential for both theoretical exploration and practical application in policy-making.

Additionally, making clear assumptions is vital, as these assumptions outline the framework within which the model operates. By stating assumptions explicitly, it becomes easier to identify the limitations and potential applications of the model.

Describing the real world accurately is also important since models should reflect enough of reality to be useful in understanding economic phenomena. However, models do not necessarily need to provide an accurate historical account of past events; instead, their primary goal is to explain and predict economic relationships, which may not always align with specific historical instances. Therefore, the requirement for a model to describe historical events accurately is not essential for its validity or effectiveness.