Robert Lucas in praise of superficiality
18 Jun, 2019 at 13:03 | Posted in Economics | 1 Comment
To observe that economics is based on a superficial view of individual and social behaviour does not seem to me to be much of an insight. I think it is exactly this superficiality that gives economics much of the power that it has. Its ability to predict human behaviour without knowing very much about the make up and lives of the people whose behaviour we are trying to understand.
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LARS P. SYLL 
Lucas isn’t trying to predict, he’s prescribing human behavior. If you deviate from neoclassical orthodoxy, you will be punished by the neoclassical system.
Comment by Robert S Mitchell— 18 Jun, 2019 #