The concept of rational expectations has played a hugely important role in economics over the years. Dealing with the origins and development of modern approaches to expectations in micro and macroeconomics, this book makes use of primary sources and previously unpublished material from such figures as Hicks, Hawtrey and Hart. The accounts of the 'founding fathers' of the models themselves are also presented here for the first time. The authors trace the development of different approaches to expectations from the likes of Hayek, Morgenstern, and Coase right up to more modern theorists such as Friedman, Patinkin, Phelps and Lucas.
The startling conclusion that there was no 'Rational Expectations Revolution' is articulated, supported and defended with impressive clarity and authority. A necessity for economists across the world, this book will deserve its place upon many an academic bookshelf.
'This book, republished eight years after its fi rst edition, still deserves to be read because it represents a good example of how the history of economics can be shaped and enriched by the passing of time.' - Alessandro Innocenti, University of Siena
Series: Routledge Studies in the History of Economics
Tertiary; University or College
Number Of Pages: 176
Published: 4th March 2004
Publisher: Taylor & Francis Ltd
Country of Publication: GB
Dimensions (cm): 23.5 x 15.9
Weight (kg): 0.39
Edition Number: 1