An opinion columnist writing on bloomberg.com observes, Macroeconomists like Robert Lucas, Edward Prescott and Thomas Sargent .
Question:
An opinion columnist writing on bloomberg.com observes, “Macroeconomists like Robert Lucas, Edward Prescott and Thomas Sargent . . . generally argued against government efforts to stabilize the economy.”
a. Which school of thought do these three economists belong to?
b. What does the columnist mean by “stabilize the economy”? Why are these economists skeptical about the Fed’s ability to successfully stabilize the economy?
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a Robert Lucas Edward Prescott and Thomas Sargent are associated with the New Classical S...View the full answer
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