This is the second of a two-part episode on modern macro-economics. In today’s episode we talk about Finn Erling Kydland – a Norwegian - and Edward Christian Prescott who got the prize for their joint work on the relation between peoples rational expectations and policy consistency – or rather lack thereof. We continue and end macro (for now) with Edmund Strother Phelps who’s keen eye for entrepreneurship and uncertainty drive his macro theory – even if he is often time pro intervention.
In season 1 (Danish) we reviewed the history of economic thought before WWII. The coming seasons are dedicated to the Nobel Price in Economics, and I am joined by economist Otto Brøns-Petersen. The Nobel price is a good benchmark for how the field and profession of economics developed after WWII. We will focus both on the scientific contributions and on the people behind them. These are all star economists and worthy of your time and attention. Some will mainly feature in one episode, others in several. We therefore advice that you listen in the thematic order we propose – but it is up to you. Rest assured, we will cover all… Eventually.
Finn E. Kydland prize lecture (2004): https://www.nobelprize.org/prizes/economic-sciences/2004/kydland/lecture/
Edward C. Prescott banquet speech (2004): https://www.nobelprize.org/prizes/economic-sciences/2004/prescott/speech/
Edward C. Prescott prize lecture (2004): https://www.nobelprize.org/prizes/economic-sciences/2004/prescott/lecture/
Edmund S. Phelps banquet speech (2006): https://www.nobelprize.org/prizes/economic-sciences/2006/phelps/speech/
Edmund S. Phelps prize lecture (2006): https://www.nobelprize.org/prizes/economic-sciences/2006/phelps/lecture/