KnowraLucas critiqueLinked fromLinked fromThe 14 pages that link to Lucas critique, each with the reason it gives.All 14Broader topic 2Related 8Compared with 4Goodhart's lawCompared with: It shares the insight that people adapt to policy, but focuses on economic forecasts and policy rules.Rational expectationsRelated: It shows why forecasts must account for how policy changes expectations and decisions.Real business cycle theoryRelated: Its demand for models grounded in optimizing behavior shaped the research environment in which the theory arose.Cowles CommissionCompared with: It challenged the stability assumptions common in earlier structural econometric models.Adaptive expectationsRelated: It exposed a weakness in policy models that treat adaptive expectation rules as fixed.Economic methodologyBroader topic: It shows why policy models must account for how people respond to changing rules.Edward C. PrescottRelated: Prescott’s equilibrium models share the critique’s emphasis on decisions responding to policy.Finn E. KydlandRelated: It shares the premise that people adjust behavior when policy rules change.Paul RomerRelated: Romer’s models likewise made agents’ choices central to outcomes previously treated as external.Thomas J. SargentRelated: It motivated Sargent’s emphasis on models whose behavioral relationships respond to policy.Christopher A. SimsCompared with: Sims’s skepticism about policy models shared its concern with unstable, poorly justified relationships.Robert Lucas Jr.Broader topic: It captures the methodological challenge most closely associated with Lucas’s influence.History of macroeconomic thoughtRelated: It exposed a methodological weakness in forecasting models used by earlier policy regimes.Lawrence KleinCompared with: It challenged the stability assumptions often used in the large-scale forecasting models Klein advanced.