How did historical Ministers of Finances like Jean Baptise Colbert perform competently with wildly off understandings of economic principles at the time?

by Vortigern

Was competence a matter of some other measure than general economic health? Did they even have metrics to judge overall economic well being?

Hotblack_Desiato_

Out of curiosity, what do you mean by "Wildly off?" Just for the sake of getting some clarity...