"The stampede toward “rational expectations” — widely thought to be a “revolution,” though it was only a generalization of the neoclassical idea of equilibrium—derailed the expectations-driven model building that had just left the station. In the end, this way of modeling has not illuminated how the world economy works."
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Academics from the United StatesNobel laureates from the United StatesEconomists from the United StatesNobel laureates in EconomicsPeople from Illinois
Original Language: English
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Sources
Edmund S. Phelps (2007) "Foreword," in Roman Frydman and Michael D. Goldberg, Imperfect Knowledge Economics: Exchange Rates and Risk.
https://en.wikiquote.org/wiki/Edmund_Phelps
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Edmund Phelps
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