For me, to say that the answer is "blowing in the wind" is to say this: There is an answer. It's out there somewhere. But it's elusive. To find it is like trying to catch the wind and hold it in your hand. No one knows where the wind comes from, and no one knows where it goes. The same is true of the answers to the questions Dylan asks in the song. It can also be seen, of course, as the winds of change...blowing away the old order, bringing in the new.

As in "Changing of the Guards" (an anthem-like Dylan song from 1979):

"Peace will come
With tranquility and splendor on the wheels of fire
But will offer no rewards (other) than her false idols' fall
And cruel death surrenders
with its pale ghost retreating
between the King and the Queen of Swords"

I always thought it would scan better this way:

"Peace will come
With tranquility and splendor on the wheels of fire
But will offer no rewards when the false idols fall
And cruel death surrenders
with its pale ghost retreating
between the King and the Queen of Swords"

So I normally sing it that way.