Scholarly Comments on Academic Economics

Rejoinder to Wittman: True Myths

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Abstract

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.