Lucas, Robert Emerson, Jr.,
1937–2023, American economist, b. Yakima, Wash., Ph.D. Univ. of
Chicago, 1964. Lucas taught at Carnegie Mellon Univ. (1963–74) before
joining the faculty at the Univ. of Chicago in 1975. He is noted for
applying the rational expectations hypothesis to macroeconomics and other
fields, doing pioneering work on employment and business cycles and creating
the field of rational expectations econometrics, and for arguing that the
proper way to create macroeconomic models was by aggregating microeconomic
models. Lucas also has done work in investment theory, financial economics,
monetary theory, international finance, and economic growth theory. Among
his works is Studies in Business-Cycle Theory (1981). He
was awarded the 1995 Nobel Memorial Prize in Economic Science for
transforming macroeconomic analysis through his development and application
of rational expectations.
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