Robert lucas sweet impact
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Robert Lucas Jr.
American economist (1937–2023)
Robert Emerson Lucas Jr. (September 15, 1937 – May 15, 2023) was an American economist at the University of Chicago. Widely regarded as the central figure in the development of the new classical approach to macroeconomics,[1] he received the Nobel Memorial Prize in Economic Sciences in 1995 "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy".[2][3]N. Gregory Mankiw characterized him as "the most influential macroeconomist of the last quarter of the 20th century".[4] In 2020, he ranked as the 10th most cited economist in the world.[5]
Early life and education
Lucas was born on September 15, 1937, in Yakima, Washington, as the eldest child of Robert Emerson Lucas and Jane Templeton Lucas.[6] His parents ran an ice creamery in Yakima. After the business failed during the Great Depression, the family moved to Seattle. His mother worked a
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Robert Lucas Jr. facts for kids
Quick facts for kids Robert Lucas Jr. | |
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Lucas in 1996 | |
| Born | Robert Emerson Lucas Jr. (1937-09-15)September 15, 1937 Yakima, Washington, U.S. |
| Died | May 15, 2023(2023-05-15) (aged 85) Chicago, Illinois, U.S. |
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| Field | Macroeconomics |
| School or tradition | New classical macroeconomics |
| Alma mater | University of Chicago (BA, PhD) |
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| Awards | Nobel Memorial Prize in Economic Sciences (1995) |
| Information at IDEAS / RePEc | |
Robert Emerson Lucas Jr. (September 15, 1937 – May 15, 2023) was an American economist at the University of Chicago. Widely regarded as the central figure in the development of the new classical approach to macroeconomics, he received the Nobel Prize in Economics in 1995 "for having
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Robert Lucas was awarded the 1995 Nobel Prize in economics “for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy.” More than any other person in the period from 1970 to 2000, Robert Lucas revolutionized macroeconomic theory. His work led directly to the pathbreaking work of finn kydland and edward prescott, which won them the 2004 Nobel Prize.
Before the early 1970s, wrote Lucas, “two very different styles of macroeconomic theory, both claiming the title of Keynesian economics, co-existed.” One was an attempt to make macroeconomics fit with standard microeconomics. The problem with this was that such models could not be used to make predictions. The other style was macroeconometric models (see forecasting and econometric models) that could be fit to data and used to make predictions but that did not have a clear relationship to economic theory. Many economists were working to unify the two, but economists themselves saw the results as unsatisf
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