The Evolving Rationality of Rational Expectations
An Assessment of Thomas Sargent's Achievements

This book analyses the historical evolution of rational expectations by focusing on the changing ideas of Thomas Sargent.

Esther-Mirjam Sent (Author)

9780521027717, Cambridge University Press

Paperback / softback, published 2 November 2006

256 pages
22.8 x 15.2 x 1.6 cm, 0.388 kg

'[A] magnificent assessment of Sargent's theoretical achievements.' M.M.G. Fase, De Economist

Inspired by recent developments in science studies, this book offers an innovative type of analysis of the recent history of rational expectations economics. In the course of exploring the multiple dimensions of rational expectations analysis, Professor Sent focuses on the work of Thomas Sargent, an instrumental pioneer in the development of this school of thought. The investigation attempts to avoid a Whiggish history that sees Sargent's development as inevitably progressing to better and better economic analysis. Instead, it provides an illustration of what happened to the approach through a contextualization of Sargent's work vis-á-vis that of other scholars and ideas. The treatment aims to illuminate some of the shifting negotiations and alliances that characterize the rise and shift of direction in rational expectations economics. The Evolving Rationality of Rational Expectations won the 1998 Gunnar Myrdal Prize of the European Association for Evolutionary Political Economy for the best monograph on a theme broadly in accord with the EAEPE Theoretical Perspectives.

Acknowledgements
1. Introduction
2. Accommodating randomness
3. Accommodating prediction
4. Accommodating symmetry
5. Accommodating learning
6. An interview with Thomas Sargent
7. Conclusion
Notes
References
Index.

Subject Areas: Economic theory & philosophy [KCA], History of ideas [JFCX]