Keynes was a very good economist. He was brilliant. He had wonderful insights. His work has inspired me many times.
Thomas J. SargentThere was a danger that skeptics and opponents would misread those likelihood ratio tests as rejections of an entire class of models, which of course they were not.
Thomas J. SargentThe first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it.
Thomas J. Sargent