Keynes' views on expectations, rationality and business decision making have often been misunderstood, most recently by George Akerlof and Robert Shiller in their book, "Animal Spirits". In this paper I discuss the role of "psychology" in Keynes' economic writings, with particular reference to...

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...

The terms "grandfather clause" and "grandfathering" describe elements of a policy programme in which existing participants in an activity are protected from the impact of regulations, restrictions or charges applied to new entrants. In this paper, the role of grandfathering in the design of a...