Rejoinder to Wittman: True Myths
WITTMAN HAS WRITTEN A CHARACTERISTICALLY ENGAGING response to my critique. While he emphasizes his continued disagreement with me, I am struck by the important concessions he makes. In particular, he has virtually abandoned the rational expectations assumption that drives his trademark results. This retreat has a high price, because his new watered-down standards of rationality are consistent with vast democratic inefficiency. Apparently, democratic failure is not a myth after all.
Year of publication: |
2005
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Authors: | Caplan, Bryan |
Published in: |
Econ Journal Watch. - Economics Department. - Vol. 2.2005, 2, p. 165-185
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Publisher: |
Economics Department |
Saved in:
freely available
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