How Liberal is UChicago?

JBStillFlying
Fri, 22 Sep 2017 03:18:35 +0000

As to whether RE won - well, Lucas is a giant. The question is to what extent macro economists use micro principles to explain macro phenomena, vs. the aggregate models of C+I+G and MV = P*Q (or whatever it is - might be forgetting my college macro theory there!). There are certainly those who dabble in the latter w/o looking much at the micro level. However, there is no doubt that Lucas has changed the ways of thinking about these issues - for academics, for policy makers, etc. So in that sense RE (or RatX) won big time.