Remembering the Man Behind Rational Expectations
5 Pages Posted: 28 Apr 2006
Few ideas have had as much of an effect on the science of economics as the concept of rational expectations. This elementary notion, first formulated by the economist John Muth, ultimately upended four decades of Keynesian macroeconomics and monetary policy. Despite the impact of Muth's idea, the honor and glory ultimately accorded by the profession skipped by him with barely a nod in his direction. John Muth passed away last October 25th at the age of 75.
Keywords: John Muth, Keynesian economics, Robert Lucas, Econometrica, biography, in memoriam, macro economics, montetary policy
JEL Classification: N1, N10
Suggested Citation: Suggested Citation