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Thomas Sargent face à Robert Lucas : une autre ambition pour la Nouvelle Economie Classique

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  • Aurélien Goutsmedt

    () (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

The article shows that Sargent's view of macroeconomics is in contrast with Lucas' one. According to the latter, assumptions in a model are un-realist, the model do not aim at representing reality. It is rather a simulation tool to enable the evaluation of different economic policies. The Lucasian ideal reflects a belief in a macroeconomist who is an engineer in charge of the production of a "software for economic policies" used by governmental authorities. And he is the one who handles the software to help policy choices on a scientific basis. Concerning Sargent, he believed that in order to replace the Keynesian paradigm, New Classical Economics had to be able to succeed in the same tasks. And one of these tasks was to advise political power by bringing some telescope to read current economic phenomenon and some intuitive ideas to debate on economic policy. Sargent sought to implement what he called the Rational Expectations Theory to some concrete cases (Poincaré Stabilization, German Hyperinflation, Thatcher and Reagan policies) to show the relevance of such a framework to think about current economic issues.

Suggested Citation

  • Aurélien Goutsmedt, 2017. "Thomas Sargent face à Robert Lucas : une autre ambition pour la Nouvelle Economie Classique," Post-Print halshs-01489232, HAL.
  • Handle: RePEc:hal:journl:halshs-01489232
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01489232
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    Keywords

    Rational Expectations; New Classical Economics; Macroeconomics History; Histoire de la macroéconomie; Nouvelle Economie Classique; Anticipations rationnelles;
    All these keywords.

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