Quarterly Journal of Austrian Economics

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Are Macroeconomic Theorists Rational?

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07/30/2014G. R. Steele

Volume 10, No. 2 (Summer 2007)

 

Macroeconomics has developed over seventy years from John Maynard Keynes’s General Theory to the currently fashionable mathematical models that feature efficient markets and rational expectations. In shaping a broad overview of that development, the gestation of this paper was contemporaneous with, but independent of, a parallel history and evaluation of macroeconomics (Mankiw 2006). Some comments have been included upon contrasting features of these two representations.

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Steele, G.R. "Are Macroeconomic Theorists Rational?" The Quarterly Journal of Austrian Economics 10, No. 2 (Summer 2007): 3–13.

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