I argued here a couple of years ago that Ricardian
equivalence is nonsense.
So it’s good to see Lars Syll making the same point. I particularly like one of his quotes (from Joseph
Stiglitz): “Ricardian
equivalence is taught in every graduate school in the country. It is also sheer
nonsense.”
____________
P.S. (2nd Oct, 2013):
“rational expectations” is wrongheaded because it attributes too much knowledge
and forecasting ability to people…” -
Art Rolnick.
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