Lars P. Syll — Teflon-coated defenders of rational expectations

Those of us in the social science community who have been impolite enough to dare questioning the preferred methods and models applied in neoclassical economics, are as a rule met with disapproval. But although people seem to get very agitated and upset by the critique — just read the commentaries on this blog if you don’t believe me — defenders of “received theory” always say that the critique is “nothing new”, that they have always been “well aware” of the problems, and so on, and so on....

Teflon-coated defenders of rational expectations

Lars P. Syll | Professor, Malmö University