I. When I first began serious clo...

I.

When I first began serious close attention of macroeconomics, twenty years ago at the London gymnasium of Economics, the field was in serious disarray. (Me being who I was, that was part of the attraction.) The Keynesian consensus of the 1960 was drawn out gone, eroded equally by hurry from inside and from outside the economics profession. Within academic circles, the strange Classical alternative of Robert E Lucas and his collaborators had already replaced Milton Friedman's loyal monetarist opposition as the principally significant challenger, and the Real Business period initiative of Ed Prescott and others was already in the air. Outside