Robert Lucas Jr.

Robert Lucas Jr.
Lucas in 1996
Born	Robert Emerson Lucas Jr. (1937-09-15)September 15, 1937 Yakima, Washington, U.S.
Died	May 15, 2023(2023-05-15) (aged 85) Chicago, Illinois, U.S.
Spouses	Rita Cohen (m. 1959, divorced) Nancy Stokey
Children	2

Academic background
Education	University of Chicago (BA, PhD)
Doctoral advisor	H. Gregg Lewis Dale W. Jorgenson
Academic work
Discipline	Macroeconomics
School or tradition	New classical macroeconomics
Institutions	Carnegie Mellon University University of Chicago
Doctoral students	Marcel Boyer Costas Azariadis Jean-Pierre Danthine Boyan Jovanovic Paul Romer Esteban Rossi-Hansberg Benjamin Moll
Notable ideas	Rational expectations Lucas critique


Awards	Nobel Memorial Prize in Economic Sciences (1995)

Website	Information at IDEAS / RePEc

Chicago school of economics
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Movements Libertarianism Neoliberalism Positive non-interventionism
Organizations Cato Institute George Mason University Library of Economics and Liberty Reason Foundation
Beliefs Consequentialist libertarianism Monetarism Neoclassical economics
People Alchian Becker Buchanan Cagan Cameron Cheung Constantinides Coase Director Fama D. Friedman Friedman Fogel Grossman Harberger Hansen Heckman Johnson Kast Knight Landes Landsburg List Lucas Jr. Lewis Levitt Markowitz Mints Miller Mincer Murphy Posner Rees Roberts Rosen Sandor Salin Schultz Scholes Schwartz Shapiro Sowell L. Simon C. Simon Stein Stigler Viner
Theories Comparative advantage CPI Economic growth Economic rationalism Efficient market Friedman rule k-percent rule Game theory GDP Homo economicus International economics, finance, trade Laffer curve Monetary economics Public choice Quantity of money Rational agent, choice, expectations Symmetrical inflation target
Ideas Central banks Denationalization Deregulation Economic freedom Economic integration, interdependence Economic liberalization Exchange rate Fiat money Foreign exchange reserves Free markets Free trade Globalization Inflation adjustment Inflation targeting Intellectual property Laissez-faire Marketization Negative income tax Open market operations Private property Privatization School vouchers Single market Tax cuts Tax reform
Related topics Alter-globalization Anti-capitalism Anti-globalization Perspectives on capitalism
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Macroeconomics
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Basic concepts Aggregate demand Aggregate supply Business cycle CAGR Deflation Demand shock Disinflation Effective demand Expectations Adaptive Rational Financial crisis Growth Inflation Demand-pull Cost-push Interest rate Investment Liquidity trap Measures of national income and output GDP GNI NNI Microfoundations Money Endogenous Money creation Demand for money Liquidity preference Money supply National accounts SNA Nominal rigidity Price level Recession Shrinkflation Stagflation Supply shock Saving Unemployment
Policies Fiscal Monetary Commercial Central bank Universal basic income
Models IS–LM AD–AS Keynesian cross Multiplier Accelerator Phillips curve Arrow–Debreu Harrod–Domar Solow–Swan Ramsey–Cass–Koopmans Overlapping generations General equilibrium DSGE Endogenous growth Matching theory Mundell–Fleming Overshooting NAIRU
Related fields Econometrics Economic statistics Monetary economics Development economics Evolutionary economics International economics
Schools Mainstream Keynesian Neo- New Monetarism New classical Real business-cycle theory Stockholm New neoclassical synthesis Saltwater and freshwater Heterodox Austrian Chartalism Modern monetary theory Ecological Post-Keynesian Circuitism Disequilibrium Marxian Market monetarism Supply-side
People François Quesnay Adam Smith Thomas Robert Malthus Karl Marx Léon Walras Knut Wicksell Irving Fisher Wesley Clair Mitchell John Maynard Keynes Alvin Hansen Michał Kalecki Gunnar Myrdal Simon Kuznets Joan Robinson Friedrich Hayek John Hicks Richard Stone Hyman Minsky Milton Friedman Paul Samuelson Lawrence Klein Edmund Phelps Robert Lucas Jr. Edward C. Prescott Peter Diamond William Nordhaus Joseph Stiglitz Thomas J. Sargent Paul Krugman N. Gregory Mankiw
See also Macroeconomic model Publications in macroeconomics Economics Applied Microeconomics Political economy Mathematical economics
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Robert Emerson Lucas Jr. (September 15, 1937 – May 15, 2023) was an American economist at the University of Chicago. Widely regarded as the central figure in the development of the new classical approach to macroeconomics, he received the Nobel Memorial Prize in Economic Sciences in 1995 "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy". N. Gregory Mankiw characterized him as "the most influential macroeconomist of the last quarter of the 20th century". In 2020, he ranked as the 10th most cited economist in the world.