Jump to content

Social Studies skills: Difference between revisions

m
Line 918: Line 918:
** 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" ===