Where are all the real business cycle theorists who once argued that business cycles reflect Pareto-optimality? Where are all the monetarists who used to worry about the inflationary implications of massive increases in the money supply? Where are all the financial economists who used to thrust the efficient capital market hypothesis down the throats of Wall Street brokers? Where are all the law-and-economics scholars who used to boast of the efficiency of the common law? Where are all the New Classical rational expectations scholars who used to explain why systematic fiscal and monetary policies cannot influence macroeconomic activity? Where are all those Friedmanians who used to argue so effectively in support of capitalism and freedom?

via The Dog That Does Not Bark In The Night « Charles Rowley’s Blog.

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