Talk:Robert Lucas Jr.

Libertarianism

Statement It's not appropriate to associate Robert Lucas Jr too closely with Libertarianism or any other ideology.

Question Why not?

Do Read. If you please that is. www.econlib.org/library/Enc/bios/Lucas Goldlionist (talk) 20:43, 12 November 2011 (UTC)Goldlionist

Aggregation and Rationality

Statement Macroeconomics in analogy to microeconomics, not by aggregation of microeconomis. This error has been re-inserted here again, and it is a widely shared mistake. Lucas is quite clear that he does not think that aggregation is possible but insists nevertheless to apply standard microeconomic conceptions. (See his critique paper.) Please don't insert wrong statements to replace correct ones without checking first. Thanks.

Objection The previous statement is quite clearly wrong. Check Bob's critique paper -- it says nothing about aggregation.

Reply Unfortunately you are wrong. You may re-check the middle of page 22 of the critique paper and you will find the sentences: "This role for theory is decidedly secondary: microeconomics shows surprising power to rationalize individual econometric relationships in a variety of ways. More significantly, this microeconomic role for theory abdicates the task of describing the aggregate behavior of the system entirely to the econometrician."

The point is re-iterated at various places, for instance on page 7 of the Lucas-Sargent paper from 1979 where it is stated: "Indeed, a more likely conjecture, on the basis of recent work by Hugo Sonnenschein (1973), is that the general hypothesis that a collection of time series describes an economy in competitive equilibrium is without content." In other words: Microeconomic rationality postulates do not imply, according to the view that Lucas subscribes to, anything for macroeconomics. Rationality on the macro level, and of the sort used by Lucas cannot be derived from microeconomic assumptions--that is, by aggregation. (The references may be found on the the main page).

As to the article: The current phrasing in the article is again misleading but I am tired to correct it again. I remain wondering why the author (or authors) (who apparently admire Lucas rather than being neutral about him) are so eager to distort his openly stated views.

Further the article lacks neutrality. It is well-known that the Lucas critique has been raised before by others, and that Lucas himself noted that it applies to Tinbergen. Keyners himself has raised related points against Tinbergen, in particular questioning the stability of behavioural parameters over time.

Retort Again, you are wrong. Aggregation is essential for the critique -- if the aggregate dynamics of the economy are not the consequence of combining the individual decisions, then the critique is meaningless. Debreu-Mantel-Sonnenschein merely states that aggregation in the sense of the construction of an agent whose decisions correspond to aggregates may not be possible, but says nothing about whether we should add individual demands together to get aggregate demand. Jeesh, take a decent grad theory class before you weigh in. —Preceding unsigned comment added by 128.143.1.141 (talk) 02:50, 20 June 2009 (UTC)

10 best economists?

He was named among the 10 best economists,[1]

the link implies nothing of the sort! delete? —Preceding unsigned comment added by 212.2.12.173 (talk) 09:08, 19 January 2009 (UTC)

I agree - the list is not a table of the best economists! —Preceding unsigned comment added by 86.49.80.80 (talk) 10:05, 4 June 2009 (UTC)

Resolved

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