Nobel laureate Robert E. Lucas, Jr.; architect of modern macroeconomics
AbstractIn 1995, Robert E. Lucas, Jr., was awarded the Nobel Prize in Economic Sciences. This review places Lucas’ work in a historical context and evaluates the effect of this work on the economics profession. Lucas’ 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. This essay is reprinted from the Journal of Economic Perspectives (Winter 1998, vol. 12, no. 1, pp. 171–86) with the permission of the American Economic Association.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Minneapolis in its journal Quarterly Review.
Volume (Year): (1999)
Issue (Month): Spr ()
Other versions of this item:
- V. V. Chari, 1998. "Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 171-186, Winter.
- 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
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