Remembering the Contributions of Lucas and Alchian

<p>Bob originally invited Brian Albrecht (Chief Economist of the International Center for Law & Economics) to discuss the work of Armen Alchian, but on the day of recording, Robert Lucas happened to die.</p> <p>Bob and Brian discuss rational expectations, real business cycle theory, and how Alchian cracked the military's top secrets.</p> <p>Brian on Alchian's famous "Costs and Outputs" paper: Mises.org/HAP396a</p>