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"A Criticism of One Class of Macroeconomic Models with Rational
Expectations," Journal of Money, Credit and Banking,
November 1978, 411-417.
This paper criticizes a class of models in which expectations are
rational but agents do not maximize, an odd combination. Four types
of models are distinguished: 1) the standard Keynesian model without
rational expectations and without maximizing agents, 2) the basic model
in 1974#5 without rational expectations but
with maximizing agents, 3) a special case of this basic
model--Chapter 7 in 1974#5--with both rational
expectations and maximizing agents, and 4) the type of model criticized in
this paper with rational expectations but without maximizing agents.