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Copyright © Cambridge Political Economy Society

research-article

The ‘Lucas critique’: a generalisation

Tony Lawson*

*University of Cambridge

Abstract

The extraordinarily influential ‘Lucas critique’ of various familiar econometric practices is generalised. The intention, though, is not to argue against the possibility of economics as science but to hasten its widespread realisation. To this end it is argued that a quite significant change of direction in economic practice is warrented, and an outline of a sustainable, potentially fruitful, alternative approach is indicated.

Manuscript received August 18, 1993; final version received April 14, 1994.


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