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Six Refuted Doctrines

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  • John Quiggin

Abstract

This article examines six widely-held doctrines concerning economic theory and economic policy that have been refuted, or at least rendered highly problematic by the global financial crisis, namely: (i) the efficient markets hypothesis; (ii) the Great Moderation; (iii) central bank independence; (iv) trickle down; (v) the case for privatization; and (vi) individual retirement accounts. Copyright (c) 2009 The Economic Society of Australia.

Suggested Citation

  • John Quiggin, 2009. "Six Refuted Doctrines," Economic Papers, The Economic Society of Australia, vol. 28(3), pages 239-248, September.
  • Handle: RePEc:bla:econpa:v:28:y:2009:i:3:p:239-248
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    References listed on IDEAS

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    1. Simon Grant & John Quiggin, 2003. "Public Investment and the Risk Premium for Equity," Economica, London School of Economics and Political Science, vol. 70(277), pages 1-18, February.
    2. John Quiggin, 1995. "Does Privatisation Pay?-A Reply to Domberger," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 28(2), pages 48-49.
    3. Robin Hanson, 2006. "Designing real terrorism futures," Public Choice, Springer, vol. 128(1), pages 257-274, July.
    4. Simon Grant & John Quiggin, 2004. "Noise Trader Risk and the Welfare Effects of Privatization," Economics Bulletin, AccessEcon, vol. 5(9), pages 1-8.
    5. Grant Simon & Quiggin John, 2005. "What Does the Equity Premium Mean?," The Economists' Voice, De Gruyter, vol. 2(4), pages 1-7, September.
    6. Simon Domberger, 1995. "What Does Privatisation Achieve?-A Comment on Quiggin," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 28(2), pages 43-47.
    7. Poterba, James M. & Summers, Lawrence H., 1988. "Mean reversion in stock prices : Evidence and Implications," Journal of Financial Economics, Elsevier, vol. 22(1), pages 27-59, October.
    8. John Quiggin, 1995. "Does Privatisation Pay?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 28(2), pages 23-42.
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    Cited by:

    1. Frijters, Paul & Johnston, David W. & Shields, Michael A. & Sinha, Kompal, 2015. "A lifecycle perspective of stock market performance and wellbeing," Journal of Economic Behavior & Organization, Elsevier, vol. 112(C), pages 237-250.
    2. Kowalski, Tadeusz, 2013. "Globalization and Transformation in Central European Countries: The Case of Poland," MPRA Paper 59306, University Library of Munich, Germany.
    3. J. E. King, 2010. "Six More Refuted Doctrines: A Comment on Quiggin," Economic Papers, The Economic Society of Australia, vol. 29(1), pages 34-39, March.
    4. repec:eee:jocaae:v:12:y:2016:i:2:p:176-190 is not listed on IDEAS

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    JEL classification:

    • G1 - Financial Economics - - General Financial Markets

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