Kevin Murphy and I were invited to speak at a memorial session for Gary Becker at the Mont Pelerin Society meetings in Hong Kong yesterday. My remarks focused on the time Gary spent each year at the Hoover Institution and on his foray into presidential politics, much like I wrote in this post, but I also was asked to delve into macro which is quite interesting
Gary wrote several good papers on macro back in the 1950s. In a 1952 paper with William Baumol, coming out of his undergraduate days at Princeton, Gary defended the classical economists showing that they were not nearly as naïve as Lange and Keynes claimed. Then in a 1957 paper with Milton Friedman, he criticized empirical tests of the Keynesian consumption function, and followed up a year later with a reply to Lawrence Klein who reacted angrily to the criticism.
Most interesting was his…
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Utopia, you are standing in it! 
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