The General Theory Ch. 9

short chapter necessitates a historical detour

“[T]he "long-run" implications of current forecasting models are without content, and the short-term forecasting ability of these models provides no evidence of the accuracy to be expected from simulations of hypothetical policy rules.” – Robert Lucas, Econometric Policy Evaluation: A Critique

“Why did you spend the '90s cowering?
Why did you spend the '9…