Past, Present And Future: It Is All A Blur

August 3, 2009

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 Response to “Past, Present And Future: It Is All A Blur”


  1. 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.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: