What Is the Lucas Critique,and Why Was It So Important

question 70

Essay

What is the Lucas critique,and why was it so important to macroeconomists in the 1970s?

---

Definitions:

Preliminary Part

The initial section of a document or project that provides an introduction, overview, or preparatory content leading into the main material.

Appendix

A section at the end of a document that contains supplementary information that is not essential to the main text but may be helpful to the reader.

Half-Title Page

A page at the beginning of a book that features only the title of the work, typically preceding the title page which contains more detailed information.

Introduction

The initial section of a document, speech, or text that outlines the purpose, scope, and objectives, setting the stage for what follows.