Macroeconomic thought as a knowledge base . Emerging during the 1970s, based on roles known as rational economic agents, and rational expectations theory . It is seen as an extreme monetarism formulation. It argues that, even in the short run, demand-management intervention by governments is ineffective. It also advocates far reaching tax cuts. US economists John Muth (1930-2005) and 1995 Nobel laureate Robert Lucas, Jr. (born 1937), and the 2004 Nobel prize co-recipients in economics, US economist Edward Prescott (born 1940) and Norwegian economist Finn Kydland (born 1943) all contributed ideas and solidified it. It is different that neo classical economics .
Black’s Law Online Dictionary
