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.
RobertLucas (April 1, 1781–February 7, 1853) was the 12th governor of Ohio, from 1832 to 1836.
Lucas had attained the rank of major general in the Ohio militia during the War of 1812.
Lucas County, Ohio, was established and named for the governor during his second term, in defiance of the Michigan Territory, which also claimed the land around the mouth of the Maumee River — thus provoking the almost-bloodless Toledo War.
RobertLucas (born 1937) is an American economist who received The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1995.
One of the most influential economists in the post-war era, he changed the foundations of macroeconomic theory (previously dominated by the Keynesian economics approach), arguing that a macroeconomic model should have micro-foundations.
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.
Feeds |
Contact