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In the September 2020 issue of Econ Journal Watch, Ronald Michener published his seventh critical comment on my research. As in my past replies, I demonstrate that Michener is misguided. I demonstrate that Michener does not understand basic microeconomic theory; that Michener does not understand rational expectations or how to make it operational; that Michener does not understand my model of monetary performance; that Michener does not understand how colonial New Jersey redeemed its paper money; and that Michener does not know how to evaluate quotation evidence.
This article is a response to Re-examination of the Theoretical and Historical Evidence Concerning Colonial New Jersey’s Paper Money, 1709–1775: A Further Comment on Grubb by Ronald W. Michener (EJW, September 2020).