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The Scotchman Returns To The Model, Acuity Greatly Enhanced

What happened to the Keynesian revolution and the monetarist counter-revolution? Kenneth Arrow, Robert Lucas, and Paul Volcker. (part two of A New Magnifier)

Posted in 2007-08 Financial Crisis, History of economics Tagged with: , , , , ,

Before continuing, let me take a moment to remind EP readers of why this serial assumed the form it has – a form that may at times have seemed wayward. My aim all along has been to explain what MIT-trained Ben Bernanke meant when he said in 2002, “You were right, Milton, we did it [caused the Great Depression], and, thanks to you, we won’t do it again.” I aim, too, to show how it was that the MIT theorist who inherited Paul Samuelson’s office (and the professorial chair named for him) and a banking historian from Yale who, for