Perhaps inside every macroeconomist is a philosopher-king trying to get out?
Alex J. Pollock
Although they are monetary and economic experts, do central banks have the requisite knowledge to succeed?
Both banks and governments often make big mistakes at forecasting the economic and financial future.
There are no financial philosopher-kings and there can never be any, in central banks or anywhere else.
Alex Pollock discusses the philosophy of finance and why the quant guys keep getting it wrong.
Alex J. Pollock is the Principal Deputy Director in the Office of Financial Research, U.S. Treasury. Previously a distinguished senior fellow at the R Street Institute in Washington, D.C., he is the author of Finance and Philosophy: Why We're Always Surprised.