The breakdown of the Phillips curve and the prescience of Friedman and Phelps made macroeconomics ready for Robert Lucas’ (1976) more comprehensive attack on the consensus view. Lucas contended that many of the empirical relations that make up the large-scale macroeconometric models were no better founded on microeconomic principles than was the Phillips curve. In particular, the decisions that determine most macroeconomic variables, such as consumption and investment, depend crucially on expectations of the future course of the economy. Macroeconometric models treated expectations in a cavalier way, most often resorting to plausible but arbitrary proxies. Lucas pointed out that most policy interventions change the way individuals form expectations about the future. Yet the proxies for expectations used in the macroeconometric models failed to take account of this change in expectation formation. Lucas concluded therefore, that these models should not be used to evaluate the impact of alternative policies.

According to the paragraph above:

Item 1 - Macroeconometric models treated expectations in a supercilius manner.