Not for nothing did the late John Kenneth Galbraith remark that the only function of economic forecasting is to make astrology look respectable. Like astrologers, macroeconomists get things right occasionally because they are lucky, as was the case with former US Federal Reserve chairman Alan Greenspan, who was seen as the man with the Midas touch as long as the US economy stayed in its so-called “Goldilocks zone"—high growth with low inflation. After 2008, he was widely accused of not doing enough to prick the sub-prime bubble in time to prevent financial carnage. After he fell from grace, we began extolling our own Raghuram Rajan for predicting the coming collapse. However, Rajan did not necessarily have a better crystal ball than Greenspan, for all doomsayers know that good times do end some time. They just don’t know when.