Robert Lucas Jr. Quotes


The consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is hard to think about anything else.


Citations

Lucas, Robert E., Jr. "On the Mechanics of Economic Development." Journal of Monetary Economics, vol. 22, no. 1, Elsevier, July 1988, p. 5.

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Robert Lucas Jr.
Robert Lucas Jr.
  • Born: September 15, 1937
  • Nationality: American
  • Profession: Economist

Robert Emerson Lucas Jr. (born September 15, 1937) is an American economist at the University of Chicago, where he is currently the John Dewey Distinguished Service Professor Emeritus in Economics and the College. Widely regarded as the central figure in the development of the new classical approach to macroeconomics, he received the Nobel Prize in Economics 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". He has been characterized by N. Gregory Mankiw as "the most influential macroeconomist of the last quarter of the 20th century." As of 2020, he ranks as the 11th most cited economist in the world.