Canada Map Tourist Attractions on Friedman’s prediction was to prove accurate. In addition to raising serious doubts about the neo-Keynesian approach, it also cast a permanent shadow on the use of fiscal policy to alter the performance of the macroeconomy. Friedman’s approach was also important because it uncovered an apparent weakness in the neo-Keynesian approach, the absence of microfoundations. While Friedman’s model carefully considered the role of individual decisions, the neo-Keynesian approach had largely ignored individual behavior (or MICROECONOMICS), in developing its macroeconomic insights. Keynesian economists operating within the mainstream of the economics profession would henceforth feel compelled to develop microfoundations to accompany their macroeconomic models. The second theoretical challenge came in the form of rational expectations. This view had its origins in a 1961 article by John Muth but achieved prominence with the work of Robert LUCAS in the 1970s. Canada Map Tourist Attractions 2016.
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