Tuesday, August 11, 2009

It’s OK to laugh at Robert Lucas, everyone :-)

One cannot find good, under-forty economists who identify themselves or their work as ‘Keynesian’. Indeed, people even take offense if referred to as ‘Keynesians’. At research seminars, people don’t take Keynesian theorizing seriously anymore; the audience starts to whisper and giggle to one another.

(Robert Lucas)

I loved finding this quote by Lucas. It means I can finally enjoy the Solow quote below without any trace of bad conscience:

Suppose someone […] announces to me that he is Napoleon Bonaparte. The last thing I want to do with him is to get involved in a technical discussion of cavalry tactics at the Battle of Austerlitz. If I do that, I’m getting tacitly drawn into the game that he is Napoleon Bonaparte.

(Bob Solow, talking about Robert Lucas’s rational expectations work in “Conversations with Economists” by Klamer and Colander)

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