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Lucas critique - Definition and Overview |
| Related Words: Approval, Censure, Comment, Commentary, Copy, Criticism, Editorial, Gloss, Iteration, Leader, Recapitulation |
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According to Lucas Critique, prediction based on historical data would be invalid if some policy change alters the relationship between relevant variables (such as private agents' rational expectations of inflation). If the policy change alters the relationship between the variables, than historical relationship between variable would differ from future relationship.
This notion was first set forth by Robert Lucas.
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Example Usage of critique |
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Menarama: Le "Sherlock Holmes" de Guy Ritchie déconcerte la critique britannique: Truffé d'action et d'effets spéciaux, le... http://bit.ly/8z0iTv |
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overhearyou: Final critique of the semester for my students then visiting @Jellard |
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ClsicRokr089: @MDrewWally took my speech final last thurs. has 3D critique yestersday & had 3 finals today 5 classes = done =D |
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