Lucas critique

Rarity: Uncommon

A topic a little better known than average, read and translated beyond its own country.

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At a glance

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Work

Domain

Arts and letters

Knowledge cost

2

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What Wikipedia says

The Lucas critique argues that it is naive 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.

Excerpt from the Wikipedia article “Lucas critique”, under the CC BY-SA 4.0 license. Read the article on Wikipedia