So that no one is misled by Steve's out of context remarks, I have 
charted a link between Hayek's casting of the problem of monetary 
economics and Robert Lucas.  The link is to be found in the historical 
record, and is not the product of anyones imagination, nor, indeed, 
is the link superficial, although Lucas and Hayek are certainly talking 
in language that is not exactly identical.  The problem of using 
microeconomic equilibrium constructions to account for monetary economics 
and the trade cycle is the way Hayek influentially cast the problem of 
monetary economics [influencing even Keynes, -- see Allin Cottrell on this 
point, and J. M. Keynes's reply to Hayek's review of Keynes' _Treatise_.] 
This is also exactly how Lucas sees the problem, although, rather famously 
at this point, it is clear that Hayek and Lucas have different ideas about 
how to carry out this task. 
 
References: 
 
R. Lucas, "Methods and Problems in Business Cycle Theory", 1980, J. of 
Money, Credit, and Banking, No.v 1980, part 2, 696-715. 
 
R. Lucas, "Understanding Business Cycles", _Studies in Business Cycle 
Theory_, 1983. 
 
R. Lucas and T. Sargent, "After Keynesian Macroeconomics",  
 
R. Lucas, _Models of Business Cycles_. 
 
A. Cottrell, "Hayek's early cycle theory re-examined", Camb. J. of Econ, 
1994, 18, 197-212. 
 
 
Greg Ransom 
Dept. of Philosophy 
UC-Riverside