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New classical macroeconomics | HearLore
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New classical macroeconomics
Real business-cycle theoryIn 1982, Finn E. Kydland and Edward C. Prescott published a paper titled Time to Build And Aggregate Fluctuations that changed how economists viewed economic…
New classical macroeconomicsAdam Smith published The Wealth of Nations in 1776. This event marked the birth of classical economics as a modern school of thought.
Lucas critiqueRagnar Frisch published a paper in 1938 that contained the core logic of what would later become known as the Lucas critique.