We should not be ashamed of this kind of limitation of our capacity to predict the future. We have no theory, no past experience on which to build a framework of what lies ahead. We have been in a few years surprised by the turn taken by events. None of us ex-ante has foreseen the financial crisis, although many of us ex-post are pretending having done so. It is true that a non negligible number of economists, among those who are here today, have underlined the risk inherent with unfettered markets; that many have expressed doubts about the sustainability of the situation. But still none has forecasted when and how the crisis would arise.
Capitalism, Socialism and Democracy, Once Again
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