Keynesian in a Foxhole
Geoff Mann: The Monetarist Position, 13 April 2023
A Fiscal and Monetary History of the United States, 1961-2021
by Alan Blinder.
Princeton, 432 pp., £35, October 2022,978 0 691 23838 8 Show More
by Alan Blinder.
Princeton, 432 pp., £35, October 2022,
“... self-described ‘rational expectations revolution’ began with the work of Friedman’s student Robert Lucas. Keynes had put expectations at the centre of macroeconomics. If you wanted to understand how an actually existing market economy worked, you had to begin with what people expected the future would look like, because those expectations determine ... ”