Prediction or Prophecy?

The Boundaries of Economic Foreknowledge and Their Socio-Political Consequences
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Gregor Betz explores the following questions: Where are the limits of economics, in particular the limits of economic foreknowledge? Are macroeconomic forecasts credible predictions or mere prophecies and what would this imply for the way economic policy decisions are taken? Is rational economic decision making possible without forecasting at all?

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