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:
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