“Is that to say we are against Free Trade? No, we are for Free Trade, because by Free Trade all economical laws, with their most astounding contradictions, will act upon a larger scale, upon the territory of the whole earth; and because from the uniting of all these contradictions in a single group, where they will stand face to face, will result the struggle which will itself eventuate in the emancipation of the proletariat.”
Karl Heinrich Marx · Marx-Engels Collected Works, Vol. VI, p. 290
Robert Lucas has died at the age of 85. Lucas was a leading mainstream neoclassical economist at the University of Chicago – the bastion of neoclassical equilibrium economic theory. In 1995, Lucas received a ‘Nobel prize’ for his theory of ‘rational expectations’. He was regarded by Greg Mankiw, the author of the main mainstream economics […]
Robert Lucas: the rationality of capitalism
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