Six Refuted Doctrines*


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    The author thanks two referees for helpful comments and criticism. This research was supported by an Australian Research Council Federation Fellowship.

John Quiggin, Australian Research Council Federation Fellow, School of Economics and School of Political Science and International Studies, University of Queensland, Brisbane, Queensland 4072, Australia. Email:


This article examines six widely-held doctrines concerning economic theory and economic policy that have been refuted, or at least rendered highly problematic by the global financial crisis, namely: (i) the efficient markets hypothesis; (ii) the Great Moderation; (iii) central bank independence; (iv) trickle down; (v) the case for privatization; and (vi) individual retirement accounts.