Scholarly Comments on Academic Economics

Rejoinder to Wittman: True Myths


Download this article

5,937 article downloads
6,934 complete issue downloads
Total: 12,871


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.