Bernanke Almost Gets It

During a , commencement address Friday at the Boston College law school, Fed chairman Bernanke told the graduating law class that:

Like weather forecasters, economic forecasters must deal with a system that is extraordinarily complex, that is subject to random shocks, and about which our data and understanding will always be imperfect. In some ways, predicting the economy is even more difficult than forecasting the weather, because an economy is not made up of molecules whose behavior is subject to the laws of physics, but rather of human beings who are themselves thinking about the future and whose behavior may be influenced by the forecasts that they or others make.

This comment could have been written by F. A. Hayek or Ludwig von Mises. And is only about one step away in thought from Bernanke realizing that he can't successfully control the money supply, because of all the independent decisions made by human beings .