The 'Lucas Critique': A Generalisation

Tony Lawson ()

Cambridge Journal of Economics, 1995, vol. 19, issue 2, 257-76

Abstract: The extraordinarily influential 'Lucas critique' of various familiar econometric practices is generalized. The intention, though, is not to argue against the possibility of economics as science but to hasten its widespread realization. To this end it is argued that a quite significant change of direction in economic practice is warranted and an outline of a sustainable, potentially fruitful, alternative approach is indicated. (c) 1995 Academic Press, Ltd. Copyright 1995 by Oxford University Press.

Date: 1995
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