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A note on Lucas and the Ricardian Vice

Author

Listed:
  • Gilberto de Assis Libânio

    (Faculdade de Ciências Econômicas da Universidade Federal de Minas Gerais, Belo Horizonte/MG, Brasil – FACE/UFMG e do programa de mestrado do Instituto de Economia da Universidade Federal do Rio de Janeiro, Rio de Janeiro/RJ, Brasil.)

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.

Suggested Citation

  • Gilberto de Assis Libânio, 1997. "A note on Lucas and the Ricardian Vice," Brazilian Journal of Political Economy, Center of Political Economy, vol. 17(4), pages 622-629, October.
    • Handle: RePEc:ekm:repojs:v:17:y:1997:i:4:id:96013
    DOI: 10.1590/0101-31571997-0982
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    Keywords

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    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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