Business Terms and Jargon Explained

What is Lucas critique

In 1976, Robert Lucas argued that economic models built to capture the relationship between variables on the basis of past behaviour could produce unreliable predictions if economic circumstances change. The Lucas critique criticises efforts to predict the impact of a policy in the future according to previous responses.

Crown Copyright. Material taken from HM-Treasury. Reproduced under the terms and conditions of the Click-Use Licence.

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Hardball Exporter Project support Office
Petitioner Equity Rates Economist
Public company or public limited company To adduce Earned value Analysis
Amnesty Appraiser Sub nomine
Management buy in Estimation Procedure Percentage Rent
Per minas Freelance AVC
Kuna Donee Reporting Period
Next of kin Testate Weak dollar
Business cards Paradigm shift Act of God
Margin Scheme Regressive Tax JP
Lifehack Bank of England Pre-Registration Expenses
Internet Protocol Security - IPsec Encode Bespoke Retail Scheme
Artificial Intelligence Turnover Judiciary

Term created / updated 2007-03-29 15:49:14

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