Abstract
According to the conventional account, economists have relied on three types of expectations: static (contained in the original Keynesian Phillips curve); adaptive (introduced by Milton Friedman's in the course of his Monetarist counter-revolution) and rational (part of Robert Lucas's natural rate New Classical counter revolution). This chapter argues that there is a fourth expectational type: the myths associated with these natural rate counter revolutions.
| Original language | American English |
|---|---|
| Title of host publication | Archival Insights into the Evolution of Economics, The Anti-Keynesian Tradition |
| Editors | R. Leeson |
| Place of Publication | New York |
| Publisher | Palgrave- Macmillan |
| Pages | 96-112 |
| ISBN (Print) | 9781403949592 |
| State | Published - 2008 |