In it, he writes:
All this adds up to a pessimistic conclusion -- recessions just aren’t very predictable from economic data. The reason economists couldn’t foresee the Great Recession isn’t that they’re blinkered or closed-minded or arrogant or stupid -- it’s because no one could predict it, at least not with the kind of macroeconomic data that now exist.
So the future of macroeconomic forecasting -- and of macroeconomics itself -- might lie in a different direction than the one most researchers have been pursuing. Instead of focusing on consumption, investment and other easily measurable things, economists might try thinking more about subtle, long-term buildups of problems in financial markets.
While Smith doesn't put it this way, this is a pretty good argument for why we should pay more attention to economic history (one cannot do much better than reading Kindleberger to understand the dynamics of financial crises - even with no DSGEs in sight).