.... economists are at this moment called upon to say how to extricate the free world from the serious threat of accelerating inflation which, it must be admitted, has been brought about by policies which the majority of economists recommended and even urged governments to pursue. We have indeed at the moment little cause for pride: as a profession we have made a mess of things.The Pretense of Knowledge por Walter E. Williams:
Neither you nor the U.S. Congress has the complete knowledge to know exactly what's best for you. The difference is that when individuals make their own trade-offs, say between purchasing health insurance or investing in a business, they make wiser decisions because it is they who personally bear the costs and benefits of those decisions.
Is the Dismal Science Really a Science? por Russ Roberts:
We have the same problems in economics. The economy is a complex system, our data are imperfect and our models inevitably fail to account for all the interactions.
The bottom line is that we should expect less of economists. Economics is a powerful tool, a lens for organizing one's thinking about the complexity of the world around us. That should be enough. We should be honest about what we know, what we don't know and what we may never know. Admitting that publicly is the first step toward respectability.