In order to explain fairly simply how expectations are formed, we advance the hypothesis that they are essentially the same as the predictions of the relevant economic theory. In particular, the ...

THE ANTICIPATIONS of households and firms played a central role in Keynes’ General Theory, and in the thinking of every macrotheorist since. My purpose in this paper is to examine the major new issues ...

The Nobel Prize in Economic Sciences in 1995 was awarded to Robert E Lucas Jr of the University of Chicago "for having developed and applied the hypothesis of rational expectations, and thereby having ...

Rational organization theory is the idea that an organization, such as a business, is a tool for achieving a definable goal or set of goals. A rational organization uses a formal structure to define ...

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