Given Our Inevitably Incomplete Knowledge About Key Structural Aspects Of Our Ever-changing Economy And The Sometimes Asymmetric Costs Or Benefits Of Particular Outcomes, A Central Bank... Need To Consider Not Only The Most Likely Future Path For The Economy But Also The Distribution Of Possible Outcomes About That Path. They Then Need To Reach A Judgment About The Probabilities, Costs, And Benefits Of The Various Possible Outcomes Under Alternative Choices For Policy.

-Alan Greenspan

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Given Our Inevitably Incomplete Knowledge About Key

Alan Greenspan

Given Our Inevitably Incomplete Knowledge About Key Structural Aspects Of Our Ever-changing Economy And The Sometimes Asymmetric Costs Or Benefits Of Particular Outcomes, A Central Bank... Need To Consider Not Only The Most Likely Future Path For The Economy But Also The Distribution Of Possible Outcomes About That Path. They Then Need To Reach A Judgment About The Probabilities, Costs, And Benefits Of The Various Possible Outcomes Under Alternative Choices For Policy.

Topic

Keys

Incomplete Knowledge

Choices

It's Hard To Overemphasize How Important Ford's Deregulation Was. True, Most Of The Benefits Took Years To Unfold-rail Freight Rates, For Example Hardly Budged At First. Yet Deregulation Set The Stage For An Enormous Wave Of Creative Destruction In The 1980s.

Years

Creative

Important