<p>Bob originally invited Brian Albrecht (Chief Economist of the <a href="https://laweconcenter.org/?doing_wp_cron=1684431672.3964641094207763671875">International Center for Law &amp; Economics</a>) 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:&nbsp;<a href="https://mises.org/hap396a">Mises.org/HAP396a</a></p>