Inspired by recent developments in science studies, this book offers an invative type of analysis of the recent history of rational expectations ecomics. In the course of exploring the multiple dimensions of rational expectations analysis, Professor Sent focuses on the work of Thomas Sargent, an instrumental pioneer in the development of this school of thought. The investigation attempts to avoid a Whiggish history that sees Sargent's development as inevitably progressing to better and better ecomic analysis. Instead, it provides an illustration of what happened to the approach through a contextualization of Sargent's work vis-a-vis that of other scholars and ideas. The treatment aims to illuminate some of the shifting negotiations and alliances that characterize the rise and shift of direction in rational expectations ecomics. The Evolving Rationality of Rational Expectations won the 1998 Gunnar Myrdal Prize of the European Association for Evolutionary Political Ecomy for the best mograph on a theme broadly in accord with the EAEPE Theoretical Perspectives.