The best way perhaps to pay tribute to M Ct is to convey to you how we struggle with making judgement calls on top of technical analysis in order to reach policy decisions. 5. For good economic policy, you need good economics. But you also need good judgement because no economic theory can capture the complexity and capriciousness of the real world.
And this is what I want to focus on in this lecture. In particular, I want to address two issues. In the first part of the lecture, I will address the question, has economics failed us. And in the second part, I will try to convey to you the dilemmas and the complexities that policy makers confront in making judgement calls.