Yes, Alice, policy will be nearly perfect

BERKELEY – In a recent appearance here at the University of California, Berkeley, Alice Rivlin expressed optimism about the future of economic policymaking in the United States. What Rivlin – who served as Vice Chair of the US Federal Reserve, Director of the White House Office of Management and Budget (OMB) under President Bill Clinton, and founding Director of the Congressional Budget Office (CBO) – thinks about that topic matters a great deal. Indeed, America owes its current system of “technocracy” – which ensures that policymaking follows sound analysis and empirical evidence – more to Rivlin than to any other living human.

But not because of your monopoly central bank which implements bad policy which we see in periodic recessions.  Policy will be accurate because of what the sandboxers have accomplished.

How perfect?  Within the allowable and observable bit error published by the trading pits in the sandbox.