Mythical Expectations

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review


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 languageAmerican English
Title of host publicationArchival Insights into the Evolution of Economics, The Anti-Keynesian Tradition
EditorsR. Leeson
Place of PublicationNew York
PublisherPalgrave- Macmillan
ISBN (Print)9781403949592
StatePublished - 2008


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