Simon Wren-Lewis — Bank says money multiplier is wrong - should we be shocked?

Simon Wren-Lewis explains why the textbooks are wrong (as the Bank of England article points out) and how economists already knew this, but textbooks have their own momentum, or something like that.

Teaching economics is really that screwed up? They actually pay people to do this?

Of course, its not just this, as Steve Keen's Debunking Economics points out.

Mainly Macro
Bank says money multiplier is wrong - should we be shocked?
Simon Wren-Lewis | Professor of Economics, Oxford University