What is a key concept in Thomas J. Sargent's research?
Rational Expectations
Behavioral Biases
Market Failures
Public Choice
Answer
Rational Expectations is a key concept in Thomas J. Sargent's research. It posits that economic agents form expectations about future economic conditions based on all available information, including past data and current economic models. These expectations are rational in the sense that they are unbiased and consistent with the underlying economic structure.
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