Map of Akland on That is, economic agents are assumed to be much more forward-looking than assumed by previous theory that was grounded, often implicitly, on the idea that people formed their predictions of future economic variables by looking only at the past, what is called adaptive expectations. The new theory, rational expectations theory, was developed by Nobel laureate Robert LUCAS of the University of Chicago. A key implication of new classical assumptions of highly flexible prices and rational expectations held by economic decision-makers is that the modern market economy adjusts much more rapidly to various kinds of shocks, economic or political. Consequently, the ability of public policies to improve the short-run performance of a market economy via active stabilization is viewed by new classical economists as greatly circumscribed.
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Map Of Akland
Finally, in addition to the above theoretical considerations, most economists of whatever school recognize that major structural and institutional changes have occurred in market economies since the Great Depression. Many of the changes work to reduce the instability of a market economy. One major institutional change has been the growth of the modern welfare state. Map of Akland 2016.
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