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Macro rational expectations, as I have labeled the hypothesis, seems to say that expectations in an economist's model must be perfectly consistent with his model that embodies these expectations. In other words, the agents of his model must all share his views of the relevant economic mechanisms, as well as his data. Why? Because if he holds them they must believe they are God's truth and, if so, rational people can have no other views . I submit that this view is pretty absurd--I would almost say offensive! I certainly believe that I know more about economics and the economy than everybody else, and i can even prove it: If everybody shared my vies, then the economy could not be in today's troubles . (en) |
