Moreover, market participants search for and occasionally adopt new ways to forecast returns from their activities. Thus, change in capitalist economies is to a significant extent non-routine, for it cannot be adequately represented in advance with mechanical rules and procedures.
Contemporary macroeconomics and finance theory has overlooked the limits to what economists can know – limits that arise from non-routine change. To be sure, economists have developed a variety of models that recognize market participants’ need to cope with imperfect knowledge or incomplete and/or distorted information concerning the process driving outcomes. But, notwithstanding their many differences, all of these models assume away the possibility that participants in real-world markets cope with their imperfect knowledge and information in ways that economists cannot fully foresee.