Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics
AbstractIn 1995, Robert E. Lucas was awarded the Nobel Memorial Prize for Economic Science. This review places Lucas's work in a historical context and evaluates the effect of this work on the economics profession. Lucas's central contribution is that he developed and applied economic theory to answer substantive questions in macroeconomics. Economists today routinely analyze systems in which agents operate in complex probabilistic environments to understand interactions about which the great theorists of an earlier generation could only speculate. This sea change is due primarily to Lucas.
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Bibliographic InfoArticle provided by American Economic Association in its journal Journal of Economic Perspectives.
Volume (Year): 12 (1998)
Issue (Month): 1 (Winter)
Other versions of this item:
- V.V. Chari, 1999. "Nobel laureate Robert E. Lucas, Jr.; architect of modern macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 2-12.
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Alexandre Flávio Silva Andrada, 2014. "Um Estudo Do Discurso Doutrinário De Robert E. Lucas Jr. Método E História Das Ideias Acerca Das Análises De Ciclos Econômicos," Anais do XLI Encontro Nacional de Economia [Proceedings of the 41th Brazilian Economics Meeting] 005, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
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