Category Archives: Lucas
The Biggest Crock in All of Economics
This is the damage which Robert Lucas has done to macroeconomics: Let’s deal with some of Mark’s specific complaints about what he thinks practicing macroeconomists have been up to: Macroeconomic models have not fared well in recent years – the … Continue reading
Posted in Lucas
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Frydman & Goldberg on Robert Lucas & F. A. Hayek
From Roman Frydman and Michael Goldberg’s new book Beyond Rational Markets: Asset Price Swings, Risk, and the Role of the State: The problem that haunts the Rational Expectations Hypothesis is the same one that doomed socialist planning: no fully predetermined … Continue reading
Posted in 1945, Frydman, Knowledge Problem, Limits to Knowledge, Lucas, Macroeconomics, Rational Expectations
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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
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