by Summary:
This lecture starts by showing that IS-LM was in fact a Walrasian General Equilibrium model, not a Keynesian model. Neoclassicals like Lucas didn’t know this, but also wanted to construct a macroeconomics that was built directly from microeconomics. The first stage here was Muth’s invention of the concept of “Rational Expectations” in the context of ...
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Steve Keen considers the following as important:
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This lecture starts by showing that IS-LM was in fact a Walrasian General Equilibrium model, not a Keynesian model. Neoclassicals like Lucas didn’t know this, but also wanted to construct a macroeconomics that was built directly from microeconomics. The first stage here was Muth’s invention of the concept of “Rational Expectations” in the context of ...
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Jeremy Smith writes UK workers’ pay over 6 years – just about keeping up with inflation (but one sector does much better…)
Robert Vienneau writes The Emergence of Triple Switching and the Rarity of Reswitching Explained
Lars Pålsson Syll writes Schuldenbremse bye bye
Robert Skidelsky writes Lord Skidelsky to ask His Majesty’s Government what is their policy with regard to the Ukraine war following the new policy of the government of the United States of America.
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