The Missing Motivation in Macroeconomics

  title={The Missing Motivation in Macroeconomics},
  author={George A. Akerlof},
  journal={The American Economic Review},
Macroeconomics changed between the early 1960s and the late 1970s. The macroeconomics of the early 1960s was avowedly Keynesian. This was manifested in the textbooks of the time, which showed a remarkable unity from the introductory through the graduate levels. John Maynard Keynes appeared, posthumously, on the cover of Time. Even Milton Friedman was famously—although perhaps misleadingly— quoted: “We are all Keynesians now.” A little more than a decade later Robert Lucas and Thomas Sargent… 

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