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The Friedman-Lucas Transition in Macroeconomics - 1st Edition - ISBN: 9780128165652, 9780128165539

The Friedman-Lucas Transition in Macroeconomics

1st Edition

A Structuralist Approach

Author: Peter Galbacs
Paperback ISBN: 9780128165652
eBook ISBN: 9780128165539
Imprint: Academic Press
Published Date: 19th February 2020
Page Count: 396
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The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle’s causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling.

Key Features

  • Offers a wide selection of Robert Lucas’s unpublished works
  • Discusses the history of business-cycle theories in the context of methodological advancements
  • Suggests effective arguments for emphasizing the key role of representative agents and their assumed properties in macro-modeling


Upper-division undergraduates, graduate students, researchers, and professionals concerned with business cycles, especially in macroeconomics

Table of Contents

1. Methodology…?! Why?
2. Standing on the edge: Lucas in the Chicago tradition
3. Agents and structures
4. Realism and instrumentalism along the Friedman-Lucas transition
5. The end of economics?


No. of pages:
© Academic Press 2020
19th February 2020
Academic Press
Paperback ISBN:
eBook ISBN:

About the Author

Peter Galbacs

Peter Galbács is professor of economics at the Institute of Economics and Methodology, Budapest Business School. His principal research interests cover the history and the methodology of modern business-cycle theories with a special emphasis on new classical macroeconomics and Robert E. Lucas’s oeuvre. Recently he has published a monograph on the theory of new classical macroeconomics in which he made efforts to find the adequate scope of highly formalized and isolative new classical macro-models in practical-operative economic policy contexts.

Affiliations and Expertise

Professor of Economics, Department of Economics and Methodology, Budapest Business School, Budapest, Hungary


"Peter Galbács has spent almost a year reading and analyzing my work on economics, partly in Chicago where we talked frequently. He also spent time at Duke University, where my manuscripts are archived. Peter has thoroughly diagnosed my work and my relationship to a wide range of other writers. An interesting and unusual book indeed!" --Robert E. Lucas, Jr., The John Dewey Distinguished Service Professor Emeritus in Economics and the College, The University of Chicago

"In this provocative work, Galbács presents the history of macroeconomics as featuring a profound transition from instrumentalism, in Friedman, to a form of realism, in Lucas. Unflinchingly, he confronts deep questions of how models represent the world. Employing the notion of ‘semirealism’, he offers a stirring account of macro-phenomena in terms of their causal foundations." --Anjan Chakravartty, Appignani Foundation Professor, University of Miami

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