Lucas critique
id:
lucas-critique-293-10636152
title:
Lucas critique
text:
The Lucas critique argues that it is naïve to try to predict the effects of a change in economic policy entirely on the basis of relationships observed in historical data, especially highly aggregated historical data. More formally, it states that the decision rules of Keynesian models—such as the consumption function—cannot be considered as structural in the sense of being invariant with respect to changes in government policy variables. It was named after American economist Robert Lucas's work
brand slug:
wiki
category slug:
encyclopedia
description:
1970s paradigm shift in economic thought, named for American economist Robert Lucas
original url:
https://en.wikipedia.org/wiki/Lucas_critique
date created:
date modified:
2024-04-22T13:30:49Z
main entity:
{"identifier":"Q1873049","url":"https://www.wikidata.org/entity/Q1873049"}
image:
fields total:
13
integrity:
14