Joel Becker

Wiki Contributions


Speaking of macroeconomics, there's a nice connection here to the famous Lucas critique:

The Lucas critique, named for American economist Robert Lucas's work on macroeconomic policymaking, argues that it is naive to try to predict the effects of a change in economic policy entirely on the basis of relationships observed in historical data, especially highly aggregated historical data.[1] More formally, it states that the decision rules of Keynesian models—such as the consumption function—cannot be considered as structural in the sense of being invariant with respect to changes in government policy variables.[2]

Interesting, thank you! Has the group gotten around to discussing something like "lessons from contract theory or corporate governance for factored cognition-style proposals" at all?