The main failing of economists is that they regard their science as capable of generating predictable outcomes from actions taken. This makes for the mischief we see four times yearly at the Fed.
The main failing of economists is that they regard their science as capable of generating predictable outcomes from actions taken. This makes for the mischief we see four times yearly at the Fed.
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"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."
--Friedrich A. Hayek, The Fatal Conceit: The Errors of Socialism, 1988