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Richard Murphy of Tax Justice UK made a similar estimate back in 2007, which he believes still holds approximately true.
That this is often approximately true is why DSGE models perform well enough in a business-as-usual economy.
This example illustrates that applications of probability theory to the physical world are facilitated by assumptions that are not strictly true, although they should be approximately true.
Unless these theories were at least approximately true, realists argued, the successes they give rise to would amount to a coincidence of cosmic proportions a sheer miracle.
Although it is only approximately true for real gases, Boyle's law is an extremely useful idealization that played an important role in the development of atomic theory.
Later research has shown, however, that Fechner's equation is applicable within the midrange of stimulus intensity and then holds only approximately true.
This is only approximately true of organisms: without a heart or a brain a person could not continue to exist (and the activity of the other organs would cease), but a person without an ear or a toe surely would.
Surely, realists argue, the obvious and best explanation is that the world behaves in this way because the theories about it are in fact true (or at least approximately true).
Although a good many fine plays are staged in the small playhouses generally known as "off-Broadway", what Arthur Miller said some years ago remains approximately true: "The American theatre is five blocks long by about one and half blocks wide".
Obviously the converse is only approximately true.
Further, many past theories were not approximately true or truthlike.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com