“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.

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "The stampede toward “rational expectations” — widely thought to be a “revolution,” though it was only a generalization …" by Edmund Phelps?
Edmund Phelps photo
Edmund Phelps 2
American economist 1933

Related quotes

Olivier Blanchard photo
Robert J. Shiller photo
Alan Blinder photo
Glenn Jacobs photo

“Keynesian economics is really just models and numbers and how things would work in a laboratory, not how things work in the real world.”

Glenn Jacobs (1967) American professional wrestler and actor

07:20–08:05.
"Glenn 'Kane' Jacobs Mental Smackdown of Tennessee Lt Governor" http://www.youtube.com/watch?v=-bWJwJr-R68 (2013)
Context: Keynesian economics is really just models and numbers and how things would work in a laboratory, not how things work in the real world. The beauty of Austrian economics is [that] it studies how things work in the real world. Economics is not a predictive science, okay? You can't say, "If we do this, this is what's gonna happen." It is a descriptive science; in other words, it describes what's going on. Austrian economics says the economy runs itself, and all that we're trying to do is understand how the economy really works.

“Archetypes, color, and components will forever change how you build Java models. We build Java models with teams of developers. In our day-to-day mentoring, we develop and try out new ideas and innovations that will help those developers excel at modeling.”

Peter Coad (1953) American software entrepreneur

Peter Coad, Jeff de Luca, and Eric Lefebvre. (1999) Java Modeling Color with Uml: Enterprise Components and Process with Cdrom. Prentice Hall PTR.

Franco Modigliani photo

Related topics