Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics
In 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.
Volume (Year): 12 (1998)
Issue (Month): 1 (Winter)
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532, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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Federal Reserve Bank of San Francisco, issue Spr suppl, pages 27-46.
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