Abstract
In recent years a new and according to some ‘revolutionary’ element has been added to the neoclassical macroeconomic model, the rational expectations hypothesis (REH). Closely associated with the REH is what has been called the new classical economics, which is our primary concern. While it was the members of the new classical economics school who were instrumental in introducing the REH into the economics profession, the REH is no longer theirs alone. It has been taken on board by many who call themselves Keynesians. In order to fully appreciate the implications of the REH, it is necessary to consider other neoclassical treatments of expectations which predated the REH.
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