6 Things I Learned From "The Map and the Territory"

I read The Map and the Territory by former Federal Reserve chairman Alan Greenspan. It's about the economy and the financial system after the 2008 financial crisis.

Here are six things I learned.

1. Economics is a soft science:

2. That makes forecasting all about probabilities:

3. Still, we're not very good at it, especially when it matters most:

4. Proposed bankregulationused to have teeth:

5. Finance is really important for the economy, and it's driven by emotion:

6. We'll be arguing for decades:

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The article 6 Things I Learned From "The Map and the Territory" originally appeared on Fool.com.

Contact Morgan Housel at mhousel@fool.com. The Motley Fool has a disclosure policy.