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

Roman Frydman Quotes

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

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

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

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