Robert Lucas, Jr.

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Robert Emerson Lucas, Jr. (born September 15, 1937 in Yakima, Washington) is an American economist at the University of Chicago. He received the Nobel Memorial Prize in Economics in 1995.

He received his B.A. in History in 1959 and Ph.D. in Economics in 1964, both from the University of Chicago. He taught at Carnegie Mellon University until 1975, when he returned to the University of Chicago.

One of the most influential economists since the 1970s, he changed the foundations of macroeconomic theory (previously dominated by the Keynesian economics approach), arguing that a macroeconomic model should have micro-foundations. He is well known for his investigations into the implications of the assumption of rational expectations. He developed the "Lucas critique" of economic policymaking, which holds that relationships that appear to hold in the economy, such as an apparent relationship between inflation and unemployment, change in response to changes in economic policy. He also helped developed the Lucas-Islands model, which suggests that people are tricked by monetary policy.

Bibliography

References

• Kasper, Sherryl. The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers (2002) ch 7

See also

• Macroeconomics
• New classical economics
• Rational Expectations

• List of economists
• List of economics consultancies and think tanks
• Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel

External links

• [Biography]
• [Robert E. Lucas, Jr. – Autobiography]

 

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