Dealing with Uncertainty

Economists make no better forecasts than laymen. Economic models are no more reliable than guesswork. Central economic planning has the opposite effect of what is intended. So, is there anything in economics worth knowing?
Yes, where the acceptance of uncertainty is the greatest, output and employment are maximized. One might ask, how could reducing uncertainty possibly hurt the economy? The answer is that uncertainty is a constant and all collective efforts to reduce uncertainty can accomplish is create the perception of safety.
All an economist can do in that is positive is to suggest ways to remove barriers to free markets. Anything else just changes perception.

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