Edmund Phelps Quote

The stampede toward rational expectations — widely thought to be a revolution, though it was only a generalization of the neoclassical idea of equilibrium—derailed the expectations-driven model building that had just left the station. In the end, this way of modeling has not illuminated how the world economy works.


Edmund S. Phelps (2007) "Foreword," in Roman Frydman and Michael D. Goldberg, Imperfect Knowledge Economics: Exchange Rates and Risk.

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The stampede toward rational expectations — widely thought to be a revolution, though it was only a generalization of the neoclassical idea of...

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The stampede toward rational expectations — widely thought to be a revolution, though it was only a generalization of the neoclassical idea of...

Picture Quote 3

The stampede toward rational expectations — widely thought to be a revolution, though it was only a generalization of the neoclassical idea of...

Picture Quote 4

The stampede toward rational expectations — widely thought to be a revolution, though it was only a generalization of the neoclassical idea of...