Robert Lucas Jr

All you want to know about Robert Lucas Jr

Robert Emerson Lucas, Jr.
Born September 15, 1937 (1937-09-15) (age 71)
Yakima, Washington, USA
Nationality United States
Fields Economics
Institutions Carnegie Mellon University
University of Chicago
Alma mater University of Chicago
Doctoral advisor Arnold Harberger
Gregg Lewis
Known for Rational expectations
Lucas critique
Neutrality of money - "islands" model
Notable awards Nobel Memorial Prize in Economic Sciences (1995)

Robert Emerson Lucas, Jr. (born September 15, 1937, Yakima, Washington) is an American economist at the University of Chicago. He was named among the 10 best economists,[1] and received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1995. He is married to economist Nancy Stokey.

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 the Graduate School of Industrial Administration (now Tepper School of Business) 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 built in analogy with microeconomic models. 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, could 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, the Lucas-Uzawa model (with Hirofumi Uzawa) of human capital accumulation, and stated the "Lucas paradox" why not more capital is flowing from developed countries to developing countries.

His ex-wife, Rita Lucas, upon their divorce in 1988, had a clause placed in their divorce settlement that she would receive half of any Nobel Prize won by Lucas in the next seven years. When Lucas did win the Nobel Prize in 1995 (falling just within the time limit), she was awarded half of the prize money. [1]

He did Economics for his PhD on "quasi-Marxist" grounds. He believed that economics was the true driver of history, and so he planned to fully immerse himself in economics and then migrate back to the history department. [2]

Contents

Bibliography

References

  1. ^ IDEAS/RePEc

See also

External links

v • d • e
Nobel Laureates in Economics

Milton Friedman (1976) · Bertil Ohlin / James Meade (1977) · Herbert Simon (1978) · Theodore Schultz / Arthur Lewis (1979) · Lawrence Klein (1980) · James Tobin (1981) · George Stigler (1982) · Gérard Debreu (1983) · Richard Stone (1984) · Franco Modigliani (1985) · James M. Buchanan (1986) · Robert Solow (1987) · Maurice Allais (1988) · Trygve Haavelmo (1989) · Harry Markowitz / Merton Miller / William Forsyth Sharpe (1990) · Ronald Coase (1991) · Gary Becker (1992) · Robert Fogel / Douglass North (1993) · John Harsanyi / John Forbes Nash, Jr. / Reinhard Selten (1994) · Robert Lucas, Jr. (1995) · James Mirrlees / William Vickrey (1996) · Robert C. Merton / Myron Scholes (1997) · Amartya Sen (1998) · Robert Mundell (1999) · James Heckman / Daniel McFadden (2000)
v • d • e
Chicago school economists
Persondata
NAME Lucas, Robert, Jr.
ALTERNATIVE NAMES
SHORT DESCRIPTION Economist
DATE OF BIRTH September 15, 1937
PLACE OF BIRTH Yakima, Washington
DATE OF DEATH
PLACE OF DEATH
Retrieved from "http://en.wikipedia.org/wiki/Robert_Lucas,_Jr."

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