According to a growing of commentators, the real problem is the dismal state of influential parts of contemporary mainstream economics, especially macroeconomics and financial economics. More particularly, the reference is to the Rational Expectations School in macroeconomics, championed by Robert Lucas jr., Thomas Sargent and Edward Prescott, and the Efficient Markets Hypothesis in financial theory, championed by Eugene Fama. Since major representatives of the two lines of thought teach at the University of Chicago, we may, for short, also speak of the Chicago School. It is also known as New Classical Economics (NCE). However, as we shall see below, NCE and the economics of the old classical economists (and their modern interpretators) are radically different in important respects.
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