Reinterpreting the Past or Forecasting the Future?

Is the field of economics better at reinterpreting the events of the past  than it is at forecasting the future? Or is it just that we focus on the wrong problems, such as looking at ways to reduce debt when we should be focussing on reducing income inequality. Sure, media and dirty politics make it difficult to take optimal decisions. But is there a way to combat this or reduce its effect? Is state intervention the key that will pull the world out of the ‘patrimonial capitalism’ it seems to be sinking in?
Watch Thomas Piketty, Paul Krugman and Joseph Stiglitz in “The Genius of Economics”, discuss some crucial economic issues.

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