Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/70391
Authors: 
Laidler, David
Year of Publication: 
2009
Series/Report no.: 
Research Report, Department of Economics, University of Western Ontario 2009-2
Abstract: 
This paper examines Robert E. Lucas's views on the relationship of macroeconomics to real world economic phenomena, and on Keynes's place in its history, suggesting that these stem from a particular and debatable understanding of how the subdiscipline has evolved. It considers some implications for today's awkward economic facts of aspects of Keynes' General Theory, not so much its speculations about the role of psychology and social conventions in the economic decisions of individual agents recently highlighted by Akerlof and Shiller (2009) however, as its insights into the influence of the monetary system on the coordination of these decisions, along lines later extended by Clower (1965) and Leijonhufvud (1968). It concludes that the questions about co-ordination that Keynes addressed, not to mention some of his answers, are well worth revisiting.
Subjects: 
Crisis
Co-ordination
Clearing Markets
Auctioneer
Money
Financial Markets
Animal Spirits
Psychology
Keynes
Lucas
JEL: 
B22
B31
E12
E13
E32
Document Type: 
Working Paper

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