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In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but also how to go about doing macroeconomics the right way.Hahn and Solow argue that what was originally offered as a normative model based on perfect foresight and universal perfect competition has been almost casually transformed into a model for interpreting real ...

Critical Essay on Modern Macroeconomic Theory 1997, Mit Press, Cambridge

ISBN-13: 9780262581547

Trade paperback

Critical Essay on Modern Macroeconomic Theory 1995, MIT Press (MA), Cambridge, MA

ISBN-13: 9780262082419