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The 'Lucas Critique': A Generalisation

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  • Lawson, Tony

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.

Suggested Citation

  • Lawson, Tony, 1995. "The 'Lucas Critique': A Generalisation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 19(2), pages 257-276, April.
    • Handle: RePEc:oup:cambje:v:19:y:1995:i:2:p:257-76
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    Cited by:

    1. Paul Downward, "undated". "Risk, Uncertainty and Inference in Post Keynesian Economics:A Realist Commentary," Working Papers 98-8, Staffordshire University, Business School.
    2. Annina Kaltenbrunner, 2018. "Financialised internationalisation and structural hierarchies: a mixed-method study of exchange rate determination in emerging economies," Cambridge Journal of Economics, Oxford University Press, vol. 42(5), pages 1315-1341.
    3. Andrew Mearman, 2006. "Critical realism in economics and open-systems ontology: A critique," Review of Social Economy, Taylor & Francis Journals, vol. 64(1), pages 47-75.
    4. Elke Muchlinski, 2005. "The Lucas Critique and Keynes Response.Considering the History of Macroeconomics," Macroeconomics 0503019, University Library of Munich, Germany.
    5. Katherine Moos, 2016. "The Transvaluation of the Theory of Economic Policy: The Lucas Critique Reconsidered," Working Papers 1603, New School for Social Research, Department of Economics.
    6. Mark Setterfield, 2014. "An essay on horizontalism, structuralism and historical time," Working Papers 1402, Trinity College, Department of Economics.
    7. Paul Downward & Frederick Lee, "undated". "Post Keynesian Pricing Theory `Reconfirmed'(?) A Critical Review of `Asking About Prices'," Working Papers 98-13, Staffordshire University, Business School.
    8. Dr Paul Downward, "undated". "Realism and Inference in Economics: A Note," Working Papers 98-7, Staffordshire University, Business School.
    9. Peter Lewin, 2014. "Hayek and Lachmann," Chapters, in: Roger W. Garrison & Norman Barry (ed.), Elgar Companion to Hayekian Economics, chapter 8, pages 165-194, Edward Elgar Publishing.
    10. Mark Setterfield, 2015. "Heterodox economics, social ontology, and the use of mathematics," Working Papers 1503, New School for Social Research, Department of Economics, revised May 2015.

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