Humans NEVER have as much information as they'd like when it comes to economic decisions. In the market, this lack of complete knowledge is what creates risks that enable economic profit. However, when it comes to governmental and quasi-governmental "expert" decisions, the economic profit (and risk) is not there. You have groups of people making decisions for the economy AS A WHOLE with imperfect knowledge. Usually, this is not a major problem in our system, but it can be, as in the examples I listed above. It's far worse in a true command economy, like the old Soviet Union. Their inability to calculate prices doomed their system, because economic decisions were left to near-omnipotent political operatives with political motives.So the Fed doesn't have all the info to predict inflation, but you are going to let us know when hyperinflation hits. Why can't humans have enough knowledge to make decisions on adjustment of interest rates?
I know I have, can't speak for Lateralus.Have you taken any college courses in Econ?