Tag Archives: History of economic thought

Tom Sargent describes how he learnt macroeconomics the Lucas way, starting from the Cowles Commission approach and digesting Muth’s (or Richardson’s?) rational expectations.

A concise overview with timeline.

In his blog A Fine Theorem, Kevin Bryan discusses the history of economic thought leading from the classical economists and Walras to Arrow and Debreu. My read of the literature on GE following Arrow is as follows. First, the theory of general equilibrium is an incredible proof that markets can, in theory and in certain cases, work as efficiently as an all-powerful planner. That said, the three other hopes of general equilibrium theory since the days of Walras are, in fact, disproven by...