Category Archives: Capital Theory

macro: Willem Buiter on the Uselessness of “State of the Art” Macroeconomics

When Robert Lucas created modern “state of the art” macroeconomics, time and time again Lucas explained that he was attempting to recapture the pre-Keynesian “equilibrium” macroeconomics pioneered by Friedrich Hayek. But as any Hayekian will tell you (see the work … Continue reading

Posted in Boom & Bust, Capital Theory, Lucas | 2 Comments