Lars P. Syll — Simon Wren-Lewis on rational expectations — so wrong, so wrong

The real macroeconomic challenge is to accept uncertainty and still try to explain why economic transactions take place – instead of simply conjuring the problem away by assuming rational expectations and treating uncertainty as if it was possible to reduce it to stochastic risk. That is scientific cheating. And it has been going on for too long now.

Simon Wren-Lewis on rational expectations — so wrong, so wrong

Lars P. Syll | Professor, Malmö University

See also Micro vs Macro, which is a longer and more detained (wonkish).