Quote

The first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it.

Thomas J. Sargent

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Thomas J. Sargent
Age: 81
Born: 1943
Born: July 19
Economist
Professor
University Teacher
Pasadena
California
Thomas John Tom Sargent
Thomas John Sargent
Complete
Expectations
Response
Econometrics
Function
Maximize
Firsts
Likelihood
First
Equilibrium
Optimistic
Rational

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Keynes was a very good economist. He was brilliant. He had wonderful insights. His work has inspired me many times.
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What I really don't like is oversimplification.
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There was a danger that skeptics and opponents would misread those likelihood ratio tests as rejections of an entire class of models, which of course they were not.
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