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davidrpugh / sfi-complexity-mooc

A Python-based course on Complexity Economics developed for the Santa Fe Institute (SFI).
MIT License
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Consider dropping the Lucas Critique from lecture 2... #5

Open davidrpugh opened 8 years ago

davidrpugh commented 8 years ago

I think it's a good idea to start out with different models of expectations, that should allow to draw some pretty clear distinctions between Complexity and Neoclassical Econ. Be careful about the Lucas Critique though, this has been repeatedly used in many arguments against any non-hyper-rational economic model, so I don't know whether discussing whether certain learning rules fulfill the Lucas Critique or not is the right measure with which you want to judge them. Besides I don't know whether the Cobweb model is really the right model to discuss policy-invariance and building model from 'structural parameters'.

davidrpugh commented 8 years ago

Agreed that Cobweb models are not to right place to discuss policy invariance and structural parameters. What is the best place? We definitely need to discuss the Lucas Critique...