When it comes to the economy, technology, and government the human race is relatively new to this. People will regularly make claims about certain policies working or not working but the reality is that on many issues there are so many variables involved that we can’t really know for 100% certainty if something worked or, more importantly, if something worked for the reasons we think it did.
Consider for a moment that a hundred years ago we didn’t have flight. We are facing problems today that humanity has simply never encountered before because we didn’t have the technology. Globalization is happening and we are really only scratching the surface. Flight is only one major change, more recently we have had the technological communication revolution (the internet) and fundamental changes in production because of automation.
With all of these things being relatively new it is really hard for anyone or any economist to really make perfect predictions for the future. We simply don’t have enough information yet. In 200-300 years humanity will have a trove of data to dig through regarding policies and the economic implications of those policies but right now all we can really do is make best guess scenarios. No one likes to think of themselves as being experimented on but that is actually the reality of what is going on right now.
In exchange for being able to witness some of the most fundamental changes in human history we pay for it by, unfortunately, being the test subjects of figuring out how all this is going to work out. It is important for us to recognize this because, as I have stated in other posts, it is very easy for us to be hyperbolic and make knee jerk reactions to things. We really are in one of the most important times in history. We are the explorers and discoverers of what will work for us moving forward in this new world we are creating for ourselves. Like anything worth doing there are heavy risks involved but I believe the risks, in this instance, are well worth it.