Professor Robert E. Lucas, Jr. Contact Information: Department of Economics University of Chicago 1126 East 59 th Street Chicago, IL 60637 USA email: relucas@uchicago. edu Student: Tahir Mammadov
Robert Emerson Lucas, Jr. (born September 15, 1937, Yakima, Washington) is an American economist. He is consistently indexed among the top 10 economists in the Research Papers in Economics rankings.
Robert 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.
Lucas studied Economics for his Ph. D 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
Lucas challenged the foundations of macroeconomic theory (previously dominated by the Keynesian economics approach), arguing that a macroeconomic model should be built as an aggregated version of microeconomic models (while noting that aggregation in theoretical sense may not be possible within a given model).
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. This led to the development of neoclassical and New Keynesian economics and the drive towards microeconomic foundations for macroeconomic theory.
Lucas is also well known for his investigations into the implications of the assumption of rational expectations He developed a theory of supply that suggests people can be tricked by unsystematic monetary policy; the Lucas. Uzawa model (with Hirofumi Uzawa) of human capital accumulation; and the "Lucas paradox", which considers why more capital does not flow from developed countries to developing countries.
10 October 1995 The Royal Swedish Academy of Sciences has decided to award the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, to Robert E. Lucas, Jr.
He was awarded for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy.
Until now, the only woman to receive the Nobel Prize in economics, was Rita Lucas, the former wife of Robert , which, however, claimed only for money, but not the title. Lucas’s 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.
• Robert E. Lucas, Jr. (1972). «Expectations and the Neutrality of Money» (rus. Ожидания и нейтральность денег ). • Robert E. Lucas, Jr. (1980). «Methods and Problems in Business Cycle Theory» (rus. Методы и проблемы теории делового цикла ) • Robert E. Lucas, Jr. «Studies in Business-Cycle Theory» (rus. Исследования по теории делового цикла) • Nancy L. Stokey, Robert E. Lucas, Jr. , Edward C. Prescott « Recursive methods in economic dynamics» (rus. Рекурсивные методы в исследовании экономической динамики)
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