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Résumé :
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In the arly 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from the author's profound disagreement with that trend. Hahn and Solow argue that what was orriginally offered as a normative model based on perfect foresight and universal perfect competition has been almost casually transformed into a model for interpreting real macroeconomic behavior. After explaining microeconomic foundations, the authors introduce a better macro model, one that can say useful things about the fluctuation of employment, the correlation between wages and employment, an the role for corrective monetary policy.
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