An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Never mind. Efficient markets and rational expectations have kept hundreds of academic economists employed in ivory towers turning out thousands of papers.
The fact that the empirical evidence is that households don't behave in a rational way never greatly interested them. Or as Joseph Stiglitz put it: “Ricardian equivalence is taught in every graduate school in the country. It is also sheer nonsense.”
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Never mind. Efficient markets and rational expectations have kept hundreds of academic economists employed in ivory towers turning out thousands of papers.
The fact that the empirical evidence is that households don't behave in a rational way never greatly interested them. Or as Joseph Stiglitz put it: “Ricardian equivalence is taught in every graduate school in the country. It is also sheer nonsense.”
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