May 24, 2006
A welcome humility

Federal Reserve Governor Randy Krosner on why the Fed looks at a wide variety of indicators:

We are not quite sure where the economy is going, or even where we are," Kroszner said.
Posted by Lawrence H. White at 06:16 PM in Economics  ·  TrackBack (0)

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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