Science Fair Project Encyclopedia
Robert Lucas Jr
Robert Emerson Lucas, Jr. (born September 15, 1937) is an American economist at the University of Chicago. He received The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1995.
Lucas was born in Yakima, Washington. Perhaps 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 know for his investigations into the implications of the assumption of rational expectations. He developed the "Lucas critique" of economic policymaking, which held that the relationships that appear to hold in the economy, such as an apparent relationship between inflation and unemployment, would change in response to changes in economic policy.
See also
- List of economists
- List of economics consultancies and think tanks
- Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
External link
The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details