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Diane Coyle on Cogs, Monsters, and Better Economics

EconTalk

I'd Rather Not Think About Really Unpleasant Things, I Think a Lot of People Do.

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I don't think you can reasonably expect economics to forecast. But i wish people were more aware that forecasts of that kind are tools for thinking about what might happen, rather than actual predictions. We might do better if we even called them scenarios rather than forecasts. It as really interesting about the financial crisis. There were signals, flashing of strains, and it was the character of the attention that got paid to them d by whom that meant that nothing was done in advance to avert the crisis.

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