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Whose Economics, Which Economic Liberalism
Originally published in The Freeman
Robert Lucas is a brilliant man. But his theory of human behavior fails to account for the diversity of individual perception, his theory of market equilibrium mischaracterizes the economic order, and the policy implications that flow from his theories render the laissez-faire position vulnerable on several fronts.
Robert Lucas is a brilliant man. But his theory of human behavior fails to account for the diversity of individual perception, his theory of market equilibrium mischaracterizes the economic order, and the policy implications that flow from his theories render the laissez-faire position vulnerable on several fronts.
Read the article at the Freeman Online.
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