The formal structure of a decision problem in any area can be put into four parts: (1) the choice of an objective function defining the relative desi… - Kenneth Arrow

I then follow up with four major aspects of economic research in the last 60 years, the period of my scholarly activity. One, econometric methodology and practice, is of such fundamental importance that it cannotgo unnoticed, although I played no role in it. With the other three, general equilibrium, dynamic processes, and uncertainty and information, I was more intimately involved.

I disagree with the widely accepted proposition that econometric models should have expectations consistent with them. To the extent, it is argued, that the economic theory underlying the model involves anticipations, the anticipations that appear in the model as determining individual behavior should be equal to the forecasts made from the model. More generally, in fact, I would disagree with the weaker proposition that anticipations made by individuals should be necessarily dependent on broadly available general data about the economy and in particular about government actions.

The Austrian a priori dogmatism (von Mises, especially; Hayek, to a lesser degree).