- Innovation - Creativity - Capital
The IC² Institute is an interdisciplinary research unit of The University of Texas at Austin which works to advance the theory and practice of entrepreneurial wealth creation.
Tag Archives: Lucas model
Argues that there is no micro foundation for microeconomic fluctuations, or business cycles, based on the law of large numbers in probability theory and statistical mechanics. Discusses the Lucas model of rational expectations as inconsistent with the efficient market hypotheses … More