Roman Frydman, Professor of Economics at New York University since 1995, was one of the early critics of the Rational Expectations Hypothesis (REH). In his 1982 article in the American Economic Review, and the 1983 volume, which he co-edited with Edmund Phelps (Individual Forecasting and Aggregate Outcomes: “Rational Expectations” Examined, Cambridge University Press), they showed that REH suffers from fundamental epistemological flaws. In the 1990s, Frydman collaborated with Andrzej Rapaczynski on a multi-country research and policy project on the "transition" in Eastern Europe. Their numerous books and articles are well-known for their breadth and insightful analysis. In recent years, Frydman has worked with Michael Goldberg on a new approach to macroeconomic analysis that jettisons the Rational Expectations Hypothesis, and recognizes that, in making decisions, rational individuals must cope with imperfect knowledge. Their path-breaking book, Imperfect Knowledge Economics was published by Princeton University Press in 2007.