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Social Studies skills: Difference between revisions
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→Jevons Paradox
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** controversial in the 2000s regarding energy use | ** controversial in the 2000s regarding energy use | ||
*** see New Yorker article on subject Dec/ 2010 >> to confirm | *** see New Yorker article on subject Dec/ 2010 >> to confirm | ||
=== Lucas critique === | |||
* Univ. of Chicago professor Robert Lucas "critiqued" (criticized) macroeconomic theories or models that describe large-scale systems, especially as drawn from "aggregated data" (accumulated) won't impact individual choices or behaviors, or those individual choices and behaviors won't change | |||
** in other words, macroeconomic models fail to account for micro-economic or individual behaviors | |||
* the utility of the Lucas critique is to point out that policy makes often fail to recognize that individuals make rational decisions that macroeconomic forecasting cannot account for. | |||
=== Milton Friedman's "Four ways to spend money" === | === Milton Friedman's "Four ways to spend money" === | ||