Roman Frydman, Professor of Economics at New York University since 1995, was one of the early critics of the Rational Expectations Hypothesis (REH). In 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 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. His path-breaking book with Michael Goldberg, Imperfect Knowledge Economics was published by Princeton University Press in 2007.