Legacies of rational expectations, Lucas’s contributions, and philosophy of time and existence

Hiroaki Hayakawa
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Hiroaki Hayakawa: Faculty of Economics, Saitama University, Japan

Journal of Economic and Social Thought, 2018, vol. 5, issue 2, 117-159

Abstract: This study aims to clarify the legacies of rational expectations and Lucas’s contributions to macroeconomics. The study also aims to explore the philosophical implications of rational expectations, especially in relation to the philosophy of time and existence. The study finds that rational expectations have had a significant impact on macroeconomic theory and policy. Lucas’s contributions, particularly his critique of Keynesian economics and his development of the Lucas critique, have been instrumental in shaping modern macroeconomics. The study also finds that rational expectations have philosophical implications, particularly in relation to the concept of time and the nature of existence. The study concludes that rational expectations and Lucas’s contributions have had a profound impact on both economics and philosophy.

Keywords: Rational expectations; Lucas critique; Philosophy of time; Existence; Macroeconomics. (search for similar items in EconPapers)
JEL-codes: B22 B31 E12 E13 E52 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:cvv:journ3:v:5:y:2018:i:2:p:117-159

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