Modern Macro Part 1
This is the first of a two-part episode on modern macro-economics. In today’s episode we talk about a distinguished and well rounded British economist Sir John Hicks who got the prize in 1972. We continue with James Tobin who actually got the prize for finance theory, more specifically portfolio selection theory – but he will be mentioned because his many ideas were highly influential on macro, particularly as he was skeptical of rational expectations. We also cover Robert Emerson Lucas Jr. who’s work on rational expectations are very important to the field. In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Price in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel prize is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually. References:Hicks banquet speech (1972): www.nobelprize.org/prizes/economic-sciences/1972/hicks/speech/ Hicks Nobel lecture: www.nobelprize.org/prizes/economic-sciences/1972/hicks/lecture/Tobin banquet speech (1981): www.nobelprize.org/prizes/economic-sciences/1981/tobin/speech/ Tobin prize lecture: www.nobelprize.org/prizes/economic-sciences/1981/tobin/lecture/ Lucas banquet speech (1995): www.nobelprize.org/prizes/economic-sciences/1995/lucas/speech/Lucas prize lecture: www.nobelprize.org/prizes/economic-sciences/1995/lucas/lecture/