Can't read the NYT article, but the headline is a bit of a misstatement. It should be, "nobody can fully control or predict the results of how the market econom

Can't read the NYT article, but the headline is a bit of a misstatement. It should be, "nobody can fully control or predict the results of how the market economy works". The source paper gets deeply into the work of Lucas, but misses the foundational nature of the Lucas Critique [1] (and Campbell's law, et cetera) in the effectiveness of economic policymaking. One challenge with setting fixed policy boundaries, particularly those based on fuzzy things like expectations, is that the reporting on the expectations affects the expectations. It's as if when the meteorologist predicts rain, people take some protective actions, that reduce the chances of rain. Thus, predictions of the effects of policy must take into account the predicted reactions to the policy. But if people know that policy is being constructed to already take into account the expected reactions, this will again affect their reactions, so policy needs to be adjusted to take into account these second order reactions, and so on. [1] https://en.wikipedia.org/wiki/Lucas_critique https://en.wikipedia.org/wiki/Lucas_critique