Lucas critique

From CNM Wiki
Jump to: navigation, search

Lucas critique is the argument that traditional policy analysis does not adequately take into account the impact of policy changes on people's expectations.

Definition

According to Macroeconomics by Mankiw (7th edition),

Lucas critique. The argument that traditional policy analysis does not adequately take into account the impact of policy changes on people's expectations.
Retrieved from "https://pravka.bskol.com/w/index.php?title=Lucas_critique&oldid=50314"