What is one of Thomas J. Sargent's notable works?
The Wealth of Nations
Rational Expectations
Capital in the 21st Century
The General Theory
Answer
Rational Expectations, a seminal work by Thomas J. Sargent, revolutionized economic theory. It posits that economic agents form expectations about future events based on all available information, including past data and current economic models. This concept challenges the assumption of adaptive expectations, where agents only consider past data, and has profound implications for economic policy and forecasting.
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