The List of Nonsense

There are many things that mainstream economists and their supporters believe that are, frankly, nonsense.

Here is a partial list, in no particular order.

1. The quantity theory of money.
2. Efficient markets hypothesis
3. The Laffer curve
4. Trickle down theory.
5. Fractional reserve banking
6. The money multiplier theory.
7. Loanable funds.
8. Monetarism.
9. Ricardian equivalence.
10. DSGE models and their requirements and assumptions.

But what do they all mean?

They are outmoded concepts designed in some cases to obfuscate what money really is, and how it works in most modern economies. If you see anyone using them, you know they are either ignorant or trying to deceive you.

You could Google them, but I wouldn't bother.
Google 'Modern Monetary Theory' instead.

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