Samuel Brown

Samuel Brown

October 16, 2019
The Lucas Critique, named after economist Robert Lucas, is a theoretical result that blew up the discipline of macroeconomics in the 1970s, and its implications are directly relevant to much of the work that data scientists are doing today—including work that I am doing on the Algorithms team at Wayfair! Just like jumpsuits and peasant dresses, what is old is new again! So imagine yourself in some fabulous 70s fashion and come on a nerdy journey with me... First, I will articulate the Lucas Critique and explain what it means; then I will apply it to a simple example; next I will explain how it relates to Data Science at Wayfair and apply it to another example drawn from my own work; lastly, I will conclude by arguing that all of this implies that even for us data scientists, data alone are not enough—we need theory in order to do our jobs correctly.
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