A note on Lucas and the Ricardian Vice

Gilberto Libanio

Brazilian Journal of Political Economy, 1997, vol. 17, issue 4, 622-629

Abstract: Senior indetermination stresses the limitations of “pure” theory to derive normativeconclusions. This paper tries to show that Lucas runs into the so-called Ricardian Vice,when he goes straight from abstract theoretical models to economic policy formulations. Itis argued that such a procedure is related to Lucas methodological positions. That is, the “asif” methodology – inherited from Friedman – would lead to disregard of external elementsin policy prescriptions. JEL Classification: B22; B31.

Keywords: Ricardian Vice; indetermination of Senior; Lucas; New Classical; history of economic thought (search for similar items in EconPapers)
Date: 1997
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