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What People Know and What Economists Think They Know: Surveys on Ricardian Equivalence

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  • Gruen, David W R

Abstract

Over six-hundred economics students estimate the level of outstanding Australian federal government debt, while eleven academic economists predict the proportion of students with "a rough idea of the amount of this debt" (in a sense defined precisely in the paper). Student knowledge is very meager; but the average academic overestimates it fivefold. The relevance of these results for the Ricardian equivalence hypothesis is discussed. Copyright 1991 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia

Suggested Citation

  • Gruen, David W R, 1991. "What People Know and What Economists Think They Know: Surveys on Ricardian Equivalence," Australian Economic Papers, Wiley Blackwell, vol. 30(56), pages 1-9, June.
  • Handle: RePEc:bla:ausecp:v:30:y:1991:i:56:p:1-9
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    1. Samuelson, Paul A, 1978. "The Canonical Classical Model of Political Economy," Journal of Economic Literature, American Economic Association, vol. 16(4), pages 1415-1434, December.
    2. T. W. Swan, 1962. "Circular Causation," The Economic Record, The Economic Society of Australia, vol. 38(84), pages 421-426, December.
    3. Costabile, Lilia & Rowthorn, Bob, 1985. "Malthus's Theory of Wages and Growth," Economic Journal, Royal Economic Society, vol. 95(378), pages 418-437, June.
    4. Malthus, Thomas Robert, 1798. "An Essay on the Principle of Population," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number malthus1798, December.
    5. George J. Stigler, 1952. "The Ricardian Theory of Value and Distribution," Journal of Political Economy, University of Chicago Press, vol. 60, pages 187-187.
    6. Lloyd, Peter J, 1969. "Elementary Geometric/Arithmetic Series and Early Production Theory," Journal of Political Economy, University of Chicago Press, vol. 77(1), pages 21-34, Jan./Feb..
    7. Malthus, Thomas, 2008. "An Essay on the Principle of Population," OUP Catalogue, Oxford University Press, number 9780199540457 edited by Gilbert, Geoffrey.
    8. Costabile, Lilia, 1983. "Natural Prices, Market Prices and Effective Demand in Malthus," Australian Economic Papers, Wiley Blackwell, vol. 22(4), pages 144-170, June.
    9. A. M. C. Waterman, 1988. "Hume, Malthus, and the Stability of Equilibrium," History of Political Economy, Duke University Press, vol. 20(1), pages 85-94, Spring.
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    Cited by:

    1. Bernasconi, Michele & Kirchkamp, Oliver & Paruolo, Paolo, 2009. "Do fiscal variables affect fiscal expectations? Experiments with real world and lab data," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 253-265, May.
    2. Canale, Rosaria Rita & Napolitano, Oreste, 2009. "The recessive attitude of EMU policies: reflections on the italian experience, 1998–2008," MPRA Paper 20207, University Library of Munich, Germany.
    3. Charles Wyplosz, 2002. "Fiscal Policy: Institutions vs. Rules," IHEID Working Papers 03-2002, Economics Section, The Graduate Institute of International Studies.
    4. Alan D. Viard, 1999. "The new budget outlook: policymakers respond to the surplus," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 2-15.
    5. Bertocco Giancarlo & Fanelli Luca & Paruolo Paolo, 2002. "On the determinants of inflation in Italy: evidence of cost-push effects before the European Monetary Union," Economics and Quantitative Methods qf0223, Department of Economics, University of Insubria.

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