Monday, 10 December 2012

Ricardian nonsense.

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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