Robert Lucas, Jr.

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Robert Lucas, Jr.
Born September 15, 1937
Yakima, Washington

<tr><th>Residence</th><td>Image:Flag of the United States.svg USA</td></tr><tr><th>Nationality</th><td>Image:Flag of the United States.svg American</td></tr><tr><th>Field</th><td>Economics</td></tr><tr><th>Institution</th><td>University of Chicago</td></tr><tr><th>Alma Mater</th><td>University of Chicago</td></tr><tr><th>Academic Advisor</th><td>Arnold Harberger</br>Gregg Lewis</td></tr><tr><th>Known for</th><td>Rational expectations</br>Lucas critique</br>Neutrality of money - "islands" model</td></tr><tr><th>Notable Prizes</th><td>Image:Nobel.png Nobel Prize in Economics (1995)</td></tr>

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 be construed analogously to micro-models, in spite of the fact that standard micro-assumptions do not entail any macroeconomic consequences (→Sonnenschein-Mantel-Debreu Theorem). 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 developed the Lucas-Islands model, which suggests that people are tricked by unsystematic parts of monetary policy.

Contents

[edit] Bibliography

[edit] References

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

[edit] See also

[edit] External links

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Robert Lucas, Jr.

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