An examination and interpretation of rational expectations as the new classical economics and its relationship to classical economics, keynesian economics and political philosophy

McKirdy, Ian. (1987). An examination and interpretation of rational expectations as the new classical economics and its relationship to classical economics, keynesian economics and political philosophy Honours Thesis, School of Economics, The University of Queensland.

       
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Author McKirdy, Ian.
Thesis Title An examination and interpretation of rational expectations as the new classical economics and its relationship to classical economics, keynesian economics and political philosophy
School, Centre or Institute School of Economics
Institution The University of Queensland
Publication date 1987
Thesis type Honours Thesis
Total pages 136
Language eng
Subjects 14 Economics
Formatted abstract First the thesis of rational expectations is presented by considering the representation of the thesis by four celebrated economists or social scientists who are generally held, in the literature to be its most important exponents. The thesis is given as a hypothesis which sets out a representative mathematical model whereby the hypothesis may be proved. Certain criticisms of the limitations of the model in respect to the time-period covered by the variables eventually resulted in its being amended to cover a secular trend. The amendment, however, required the removal of one of the classical postulates which left the other one intact; and as this was the postulate which the other was a corollary it questioned -the validity of classical economics itself. The next step therefore was to see why the classical economists formulated the postulates and why they had not included rational expectations in their analysis. Finally, as rational expectations was a device contrived by Keynesian economists, it was prudent to consider Keynes' own treatment of expectations. This provided the opportunity of putting rational expectations into its proper perspective in the intellectual history of Western Civilization.

 
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