Robert J. Gordon Quotes

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New-classical economics has been undeniably influential, but not in the way that its three prominent creators originally imagined. Its most important contribution to macroeconomics, the assumption of rational expectations, was stolen almost immediately, and applied more fruitfully, by the new Keynesians.

Robert J. Gordon

There are four headwinds that are just hitting the American economy in the face. They're demographics, education, debt and inequality. They're powerful enough to cut growth in half. So we need a lot of innovation to offset this decline. And here's my theme: Because of the headwinds, if innovation continues to be as powerful as it has been in the last 150 years, growth is cut in half. If innovation is less powerful, invents less great, wonderful things, then growth is going to be even lower than half of history.

Robert J. Gordon

Much time was wasted and ink spilled in the late 1960s and early 1970s trying to interpret the lagged effect of prices on wages as reflecting adaptive lags in the formation of expectations. But if we have learned anything from the new Keynesian economics of Fischer, Taylor, Blanchard, and their younger followers, it is that price and wage inertia is compatible with rational expectations.

Robert J. Gordon

Robert J. Gordon

Robert J. Gordon

Born: September 3, 1940 (age 86)

Bio: Robert James "Bob" Gordon is an American economist. He is the Stanley G. Harris Professor of the Social Sciences at Northwestern University. He is known for his work on productivity, growth, the causes of unemployment, and airline economics.

Known for:

Macroeconomics (1978)

Robert J. Gordon on Wikipedia

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