If a theory fights with a fact, the theory always wins.
Here's the list so far:
- The Efficient Markets Hypothesis, the weak form of which may survive.
- The Case for Privatization, in which government tries to drown itself in a bathtub
- The Great Moderation. Business cycles are so yesterday
- Individual Retirement Accounts. How's that 401k working out for you?
- Trickle Down Economics. The rich are looking out for you
- Central Bank Independence. When money just won't do it
- New Keynesian Macroeconomics. People aren't rational