Word: nostrodamus
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Whether one agrees with Hansen or Hazlitt, he must recognize that the latter is setting the economist a well-nigh impossible task. Forecasting the "long-run" effects of any policy calls for the talents of a Nostrodamus far more than for the skills of a social scientist. The awe-inspiring speed of twentieth-century technological change, and the sweeping alterations which it makes in social structure, render any long-range prognostication a risky business at best...
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