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Pluralism, The Lucas Critique, And The Integration Of Macro And Micro, Peter Skott
Pluralism, The Lucas Critique, And The Integration Of Macro And Micro, Peter Skott
Peter Skott
Mainstream macroeconomics has pursued micro founded models based on the explicit optimization by representative agents. The result has been a long and wasteful detour. But elements of the Lucas critique are rele- vant, also for heterodox economists.