IDEAS home Printed from https://ideas.repec.org/a/bla/econpa/v29y2010i1p34-39.html
   My bibliography  Save this article

Six More Refuted Doctrines: A Comment on Quiggin

Author

Listed:
  • J. E. King

Abstract

In this comment on Quiggin (2009), I identify an additional six doctrines that have been refuted by the global financial crisis. These are: rational expectations; Ricardian equivalence; only interest rates matter (for monetary policy); downward flexibility in wages and prices is always a good thing; unemployment is always voluntary (Say’s Law); and the New Neoclassical Synthesis in macroeconomics. I conclude by suggesting some foundations for an improved macroeconomics, drawing on Marx and Keynes.

Suggested Citation

  • J. E. King, 2010. "Six More Refuted Doctrines: A Comment on Quiggin," Economic Papers, The Economic Society of Australia, vol. 29(1), pages 34-39, March.
    • Handle: RePEc:bla:econpa:v:29:y:2010:i:1:p:34-39
    DOI: 10.1111/j.1759-3441.2010.00050.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1759-3441.2010.00050.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1759-3441.2010.00050.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
    2. C. Rogers, 2006. "Doing without money: a critical assessment of Woodford's analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(2), pages 293-306, March.
    3. John Quiggin, 2009. "Six Refuted Doctrines," Economic Papers, The Economic Society of Australia, vol. 28(3), pages 239-248, September.
    4. Mark Setterfield, 2003. "Supply and Demand in the Theory of Long-run Growth: Introduction to a symposium on demand-led growth," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 23-32.
    5. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(1), pages 99-118.
    6. Olivier Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, September.
    7. Mark Setterfield, 2009. "Macroeconomics without the LM curve: an alternative view," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(2), pages 273-293, March.
    8. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-1171, September.
    9. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    10. Marvin Goodfriend, 2007. "How the World Achieved Consensus on Monetary Policy," Journal of Economic Perspectives, American Economic Association, vol. 21(4), pages 47-68, Fall.
    11. Olivier Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, September.
    12. J. F. Wright, 1999. "British government borrowing in wartime, 1750-1815," Economic History Review, Economic History Society, vol. 52(2), pages 355-361, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. J.E. King, 2011. "Four Theses on the Global Financial Crisis," Chapters, in: Steven Kates (ed.), The Global Financial Crisis, chapter 7, Edward Elgar Publishing.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Pascal Seppecher & Isabelle Salle, 2015. "Deleveraging crises and deep recessions: a behavioural approach," Applied Economics, Taylor & Francis Journals, vol. 47(34-35), pages 3771-3790, July.
    2. Pascal Seppecher & Isabelle Salle, 2015. "Deleveraging crises and deep recessions: a behavioural approach," Applied Economics, Taylor & Francis Journals, vol. 47(34-35), pages 3771-3790, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:econpa:v:29:y:2010:i:1:p:34-39. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/esausea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.