A nice summary of what is wrong with economics in general, why it isn't a real science yet. It also explains why a lot of financial people have been freaking out since the pandemic started, their models don't work anymore but they keep trying to use them without improving them and the answers they get are weird. For example it could well be that interest rates at one time could be used to balance employment and inflation, but that does not appear to be true today. Yet the Fed keeps raising rates and wonders why nothing happens when they keep pushing on the wet noodle. It actually never made much sense that such a trivially simple model would always be correct and in fact some argue it has never been correct. Now it only seems to be pushing the US towards recession and making banks fail.
Policy makers should instead be focused on building resilience and flexibility in the economy rather than blunt tools like monetary policy. One of the best ways to do this is to promote multiple, nimble competitors in different sectors of the economy. Anti-trust, keeping regulation light for emerging technologies, preventing regulatory capture, etc., look like better tools going forward.