Uncertainty in creating macroeconomic policy: knowledge,skills and (un)predictability
Uncertainty in creating macroeconomic policy: knowledge,skills and (un)predictability

Summary/Abstract: “If economists could manage to get themselves thought of as humble and competent people on a level with dentists, that would be splendid.” (Keynes, 1931). If this were the case, macroeconomics would transform into a useful and routine type of engineering, which will prevent the emerging of recessions. However, the appearance of the financial crises started to change the economy postulates. The unpredictability of their conduct designates the dynamics of the science of macroeconomics and the need to adjust it to the contemporary economic status. The ongoing crisis undoubtedly proves that.

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