This year's Nobels in Economics signal a desire to return to the status quo ante. In particular, it tries to suggest that mainstream macro-economics is not bankrupt after failing us so badly. It is especially noteworthy that the committee went for such safe choices after the daring prizes in 2009, with Elinor Ostrom heralding a new approach to economics, and the prizes in 2010, which at least signaled concern over unemployment.
Anyway, for a great book on Sargent, see (my one-time co-author) Ester-Miriam Sent, The evolving rationality of rational expectations: an assessment of Thomas Sargent's Achievements (1998: CUP). Sent is now a professor in Nijmegen and a Senator for the Social-Democrats in the upper house of Dutch Parliament.
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