It must be noted, however, that there exists a class of econometric models capable of good empirical performance (e.g. VAR models) where the representation of structures does not even arise as a problem. Even though his critique set strict limits on how to model macroeconomies, Lucas was ...
And if the President of the United States walked into the same English class and began speaking extemporaneously on his (or her) political views, it is not likely that anyone would object. A person has the right to go without shoes on a beach, but one does not always have the right to...