"He didn't really discuss my interpretations and criticisms of new classical economics. Instead he took the opportunity of the review to say that Keynesian economics was discredited by the stagflation of the '70s, as he and Sargent had already argued in their polemical piece "After Keynesian Economics" at the Nantucket conference in 1978. The idea seems to be that we were very wrong about the 1970s and therefore had no standing to criticize the new classical macroeconomics. Of course, I do not agree with that interpretation of the events of the last 15 years. In that review article Lucas didn't explain anything new. He just restated his point of view."
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Academics from the United StatesNobel laureates from the United StatesEconomists from the United StatesPeople from Washington (state)Nobel laureates in Economics
Original Language: English
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James Tobin, in Conversations with Economists (1983) by Arjo Klamer
https://en.wikiquote.org/wiki/Robert_Lucas_Jr.
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Robert Lucas Jr.
Robert Emerson Lucas, Jr. (September 15, 1937 – May 15, 2023) was an American economist at the , who received the Nobel Prize in Economics in 1995. He is widely regarded as the central figure in the development of the new classical approach to macroeconomics.
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