Ass1 - 4. What did the Adelman’s do and what did their...

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Econ 102 Roger E A Farmer Fall 2008 Assignment for First TA Session Read the article “Understanding Business Cycles” by Robert E. Lucas Jr. Come to the discussion session prepared to discuss the following questions. 1. How does Lucas define business cycles? What are the main characteristics of “the business cycle”. 2. Who was Hayek? (You might want to do some internet research here). 3. What are Lucas’ main criticisms of Keynesian economics?
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Unformatted text preview: 4. What did the Adelman’s do and what did their work signify? 5. What does Lucas think of Keynesian economics? 6. What is meant by zero-degree homogeneity of demand systems? 7. What is meant by rational expectations? 8. Does Lucas think that involuntary unemployment is a useful concept? If not – why not? 9. Does Lucas think that the government should try to intervene to stabilize business cycles?...
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This note was uploaded on 06/30/2009 for the course ECON 102 taught by Professor Serra during the Fall '08 term at UCLA.

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