by Mario Rizzo
An interesting post by Jeff Hummel over at HNN (History News Network) shows that it is difficult to know the status of the “macroeconomy” even in retrospect. This combined with poor forecasting (by Bernanke, for example) suggests a knowledge problem in the implementation of counter-cyclical policy. We may not know where we were. We do not know where we are. We definitely don’t know where we are going.
(HT: Jerry O’Driscoll)
One thought on “Past, Present And Future: It Is All A Blur”
I detect a bit of anti-centralization Hayekianism here. I imagine that as society increases in population, density, and technological and financial complexity, the soundness of the Hayekian argument against central planning will become more and more apparent.