Thomas Sargent face à Robert Lucas: une autre ambition pour la Nouvelle Economie Classique

Aurélien Goutsmedt

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: The article shows that Sargent's view of macroeconomics is in contrast with Lucas' one. According to the latter, assumptions in a model are un-realist, the model do not aim at representing reality. It is rather a simulation tool to enable the evaluation of different economic policies. The Lucasian ideal reflects a belief in a macroeconomist who is an engineer in charge of the production of a "software for economic policies" used by governmental authorities. And he is the one who handles the software to help policy choices on a scientific basis. Concerning Sargent, he believed that in order to replace the Keynesian paradigm, New Classical Economics had to be able to succeed in the same tasks. And one of these tasks was to advise political power by bringing some telescope to read current economic phenomenon and some intuitive ideas to debate on economic policy. Sargent sought to implement what he called the Rational Expectations Theory to some concrete cases (Poincaré Stabilization, German Hyperinflation, Thatcher and Reagan policies) to show the relevance of such a framework to think about current economic issues.

Keywords: Rational Expectations; New Classical Economics; Macroeconomics History; Histoire de la macroéconomie; Nouvelle Economie Classique; Anticipations rationnelles (search for similar items in EconPapers)
Date: 2017-02
New Economics Papers: this item is included in nep-dge, nep-his and nep-hpe
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Published in 2017

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Related works:
Working Paper: Thomas Sargent face à Robert Lucas: une autre ambition pour la Nouvelle Economie Classique (2019)
Working Paper: Thomas Sargent face à Robert Lucas: une autre ambition pour la Nouvelle Economie Classique (2017)
Working Paper: Thomas Sargent face à Robert Lucas: une autre ambition pour la Nouvelle Economie Classique (2017)
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