What conclusions can be drawn from such a confusing picture? One might be that, as Nassim Nicholas Taleb argues on these pages, we should be wary of experts. Alternatively, we might be in awe of how tough a job it is making sense of the global economy.
OK, Hayek\’s old game: the economy is too complex to be accurately modelled or predicted. We can only go by general rules rather than detailed regulations.
If we stopped comparing the \”competitiveness\” of national economic models, we could devote more attention to what kind of society we want, and what economic policies will get us there.
Eh? Planning is impossible because it\’s all too complex so let\’s start planning?