IDEAS home Printed from
   My bibliography  Save this article

Six More Refuted Doctrines: A Comment on Quiggin


  • J. E. King


In this comment on Quiggin (2009), I identify an additional six doctrines that have been refuted by the global financial crisis. These are: rational expectations; Ricardian equivalence; only interest rates matter (for monetary policy); downward flexibility in wages and prices is always a good thing; unemployment is always voluntary (Say's Law); and the New Neoclassical Synthesis in macroeconomics. I conclude by suggesting some foundations for an improved macroeconomics, drawing on Marx and Keynes. Copyright (c) 2010 The Economic Society of Australia.

Suggested Citation

  • 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.
  • Handle: RePEc:bla:econpa:v:29:y:2010:i:1:p:34-39

    Download full text from publisher

    File URL:
    File Function: link to full text
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    1. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, Oxford University Press, vol. 69(1), pages 99-118.
    2. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-1171, September.
    3. Olivier Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, September.
    4. John Quiggin, 2009. "Six Refuted Doctrines," Economic Papers, The Economic Society of Australia, vol. 28(3), pages 239-248, September.
    5. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    6. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
    7. Mark Setterfield, 2009. "Macroeconomics without the LM curve: an alternative view," Cambridge Journal of Economics, Oxford University Press, vol. 33(2), pages 273-293, March.
    8. C. Rogers, 2006. "Doing without money: a critical assessment of Woodford's analysis," Cambridge Journal of Economics, Oxford University Press, vol. 30(2), pages 293-306, March.
    9. Mark Setterfield, 2003. "Supply and Demand in the Theory of Long-run Growth: Introduction to a symposium on demand-led growth," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 23-32.
    10. J. F. Wright, 1999. "British government borrowing in wartime, 1750-1815," Economic History Review, Economic History Society, vol. 52(2), pages 355-361, May.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. J.E. King, 2011. "Four Theses on the Global Financial Crisis," Chapters,in: The Global Financial Crisis, chapter 7 Edward Elgar Publishing.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:econpa:v:29:y:2010:i:1:p:34-39. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.