That's a point well worth making. But in fairness to macro-economists everywhere, most would admit that they don't really have any good idea what they're doing.
Central bankers don't say this because their main job is to pretend that the future is brighter than anyone might reasonably think it to be; but academic economists will readily admit that they're in uncharted territory (with landmarks vaguely reminiscent of various times past on every horizon).
Can I make a bad analogy?—Macro policy these days is a bit like the Manhattan Project. It's aimed at a greater good, which you might just as well call the lesser evil, and there's a chance (discounted by the mainstream) that they'll ignite the atmosphere and put an end to us all.
I'd have thought that the biggest risk with the Manhattan Project was that there would be a widespread use of its products without any real thought by politicians as to the consequences - so maybe it's not that bad an analogy after all!
Central bankers don't say this because their main job is to pretend that the future is brighter than anyone might reasonably think it to be; but academic economists will readily admit that they're in uncharted territory (with landmarks vaguely reminiscent of various times past on every horizon).
Can I make a bad analogy?—Macro policy these days is a bit like the Manhattan Project. It's aimed at a greater good, which you might just as well call the lesser evil, and there's a chance (discounted by the mainstream) that they'll ignite the atmosphere and put an end to us all.