Robert J. Gordon Quote

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.


"Fresh Water, Salt Water, and other Macroeconomic Elixirs", 1989


New-classical economics has been undeniably influential, but not in the way that its three prominent creators originally imagined. Its most important ...

New-classical economics has been undeniably influential, but not in the way that its three prominent creators originally imagined. Its most important ...

New-classical economics has been undeniably influential, but not in the way that its three prominent creators originally imagined. Its most important ...

New-classical economics has been undeniably influential, but not in the way that its three prominent creators originally imagined. Its most important ...