Lucas critique
conceptual critique of macroeconomic models of the 1960s, that the decision rules of Keynesian models cannot be considered as structural, i.e. invariant with respect to changes in government policy
en-US/ˈlukəs kɹɪˈtik/
conceptual critique of macroeconomic models of the 1960s, that the decision rules of Keynesian models cannot be considered as structural, i.e. invariant with respect to changes in government policy