3 ms·

But that quote is literally from an economist... as is Lucas' critique?

• ryebit 5y ago
  I don't think that invalidates the quote. It's how I came across it in the first place. I think economists are well aware of the nature of the beast they're studying. And even if doing the task is daunting, and the landscape changing as it's described, it's still worth it. Especially if anyone finds fixed points which do have the property that describing them doesn't invalidate them.