Quarterly Journal of Austrian Economics

Are Macroeconomic Theorists Rational?

The Quarterly Journal of Austrian Economics

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.


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

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