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Robert Lucas Jr

Robert Lucas (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 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

External link

  • Biography (http://www.nobel.se/economics/laureates/1995/)

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