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Six More Refuted Doctrines: A Comment on Quiggin

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  • 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.

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  • 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
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    References listed on IDEAS

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    1. 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.
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    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.

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