Almost two months ago I wrote a provocatively titled post about rational expectations, in which I argued against the idea that it is useful to make the rational-expectations assumption developing a theory of business cycles. The title of the post was probably what led to the start of a thread about my post on the econjobrumors blog, the tenor of which can be divined from the contribution of one commenter: “Who on earth is Glasner?” But, aside from the attention I received on econjobrumors, I also elicited a response from Scott Sumner
David Glasner has a post criticizing the rational expectations modeling assumption in economics:
What this means is that expectations can be rational only when everyone has identical expectations. If people have divergent expectations, then the expectations of at least some people will necessarily be disappointed — the expectations of both people with differing expectations cannot be simultaneously realized…
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Utopia, you are standing in it! 
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