What is wrong with financial modeling, in my opinion, is not only that models cannot grasp too complex "reality", but that it is changing while you are finishing your model, so no statistical "snapshot" or data-set is even close to be correct.

Also, so-called Black swans could occur only within such models. There is no chance that one day c or even g could change (no matter what "scientists" used to say in journals).

Btw, finance is a business, not science.)