Robert Lucas, Jr.

Robert Emerson Lucas, Jr. ( born September 15, 1937 in Yakima, Washington) is an American economist and Nobel laureate. He was. Among other things, known by his namesake Lucas critique Lucas is associate in the intellectual history of economics of the neoclassical.

Life

Lucas studied at the University of Chicago with a bachelor 's degree in history in 1959 and his doctorate in economics in 1968. Afterwards he taught until 1975 at the Graduate School of Industrial Administration (now Tepper School of Business ) at Carnegie Mellon University before he became professor in Chicago was.

Lucas ' wife had stipulated in 1988 in the divorce papers, in the case of her husband, a Nobel Prize that she should get half of the money within the next seven years. So it was in 1995 then also: Lucas received for he developed the theory of rational expectations, the Nobel Prize in Economics. Here he took up ideas John F. Muth. Lucas commented on the agreement with his wife so that was settled just settled.

The Lucas paradox is the question, why do not more capital flows from countries with developed economy in developing countries, although this should be done according to classical theory, since there the capital employed per worker is lower.

Writings

• Expectations and the Neutrality of Money, Journal of Economic Theory, Volume 4, 1972, p 103-124
• Econometric Policy Evaluation: A Critique, Carnegie - Rochester Conference Series on Public Policy, Volume 1, 1976, p 19-46
• On the Mechanics of Economic Development, Journal of Monetary Economics, Volume 22, 1988, pp. 3-42
• Why Does not Capital Flow from Rich to Poor Countries, American Economic Review, Volume 80, 1990, pp. 92-96
• Studies in Business Cycle Theory, MIT Press, 1981
• Monetary Neutrality, Nobel Lecture 1995
• With Nancy Stokey, Edward Prescott: Recursive Methods in Economic Dynamics. Harvard University Press, 1989