Roman Frydman Quote

Early critics pointed out REH's fundamental epistemological flaws. … They argued that REH, even if viewed as a bold abstraction or approximation, is grossly inadequate for representing how even minimally reasonable profit seeking participants forecast the future in real-world markets. Nevertheless, … an overwhelming majority of economists has embraced REH as the way to represent how rational individuals think about the future.


"Which Way Forward for Macroeconomics and Policy Analysis?" 2013

Picture Quote 1

Early critics pointed out REH's fundamental epistemological flaws. … They argued that REH, even if viewed as a bold abstraction or approximation,...

Picture Quote 2

Early critics pointed out REH's fundamental epistemological flaws. … They argued that REH, even if viewed as a bold abstraction or approximation,...

Picture Quote 3

Early critics pointed out REH's fundamental epistemological flaws. … They argued that REH, even if viewed as a bold abstraction or approximation,...

Picture Quote 4

Early critics pointed out REH's fundamental epistemological flaws. … They argued that REH, even if viewed as a bold abstraction or approximation,...