Legacy

It has hard to point to one substantial area of economic research into dynamic problems which has not changed as a result of the publication of Muth's works at GSIA. Almost paradoxically, the only viable alternative to Muth's hypothesis is the research agenda put forward by Herb Simon and his concept of "bounded rationality".

Major works

• Charles C. Holt, Franco Modigliani, John F. Muth, and Herbert A. Simon (1960). Planning Production, Inventories, and Work Force.
• John F. Muth. (1960). "Optimal Properties of Exponentially Weighted Forecasts", Journal of the American Statistical Association, 55(290), pp.  299-306.
• John F. Muth. (1961). "Rational Expectations and the Theory of Price Movements", Econometrica 29, pp. 315–335.