Quarterly Journal of Austrian Economics
An Austrian Version of the Lucas Critique
Volume 9, No. 1 (Spring 2006)
Scholars of Austrian economics argue persuasively that formal models are not able to capture the complex dynamics of market processes. In the eyes of Austrian economists the market is not only an abstract place of exchange between buyers and sellers of goods, but also a process that helps to generate knowledge by letting economic agents reveal their preferences in voluntary exchanges.
Cite This Article
Basse, Tobias. "An Austrian Version of the Lucas Critique." The Quarterly Journal of Austrian Economics 9, No. 1 (Spring 2006): 15–26.