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Lucas, Robert

From The Hutchinson Unabridged Encyclopedia with Atlas and Weather Guide
US economist. Lucas did not invent the theory of rational expectations but he has been its most vigorous advocate, insisting that, because the expectations of economic agents are ‘rational’, monetary and fiscal policy are ‘neutral’ and only affect physical output and employment in the extremely short run. For him, new classical macroeconomics based on the concept of rational expectations is irreconcilably opposed to Keynesian economics. He won the Nobel Prize for Economics in 1995 for his work as leader of this new school. New classical macroeconomics had not lacked critics, including those who have their own quarrels with Keynesian macroeconomic policies. A standard criticism is that the policy-neutral conclusion depends not so much on the idea of rational expectations, as on the idea that all the markets are cleared instantaneously, which lies hidden beneath the arguments of the rational expectations school. Nevertheless, the new macroeconomics has attracted a considerable following…
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Full text Article ROBERT LUCAS 1937–

From Big Ideas Simply Explained: The Economics Book
| 79 words
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Full text Article Lucas, Robert Emerson, Jr, 1937-

From Routledge Dictionary of Economics
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Full text Article DIRECTORY

From Big Ideas Simply Explained: The Economics Book
DIRECTORY
T his book examines some of the most important ideas in economic thought, from its earliest beginnings to the evolution of political economy and the wide-ranging subject as we know it today. In doing so it inevitably looks at the ideas and achievements of major economists such as Adam Smith, John…
| 195 words , 1 image
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Full text Article Lucas, Robert E., Jr.

From Britannica Concise Encyclopedia
(born Sept. 15, 1937, Yakima, Wash., U.S.) U.S. economist. He studied at the University of Chicago and began teaching there in 1975. He questioned the influence of John Maynard Keynes in macroeconomics and the efficacy of government intervention in domestic affairs. He criticized the Phillips curve…
| 178 words
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Full text Article LUCAS, ROBERT JR. E

From Encyclopedia of Nobel Laureates 1901-2017 Full text Article ECONOMICS
LUCAS, ROBERT JR. E
Nationality: American b. 15 September 1937, Yakima, WA, USA; For having developed and applied the hypothesis of rational expectations, and thereby having transformed macro economic analysis and deepened our understanding of economic policy Robert Lucas excelled in mathematics and science in school…
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Full text Article YOU CAN'T FOOL THE PEOPLE: RATIONAL EXPECTATIONS

From Big Ideas Simply Explained: The Economics Book
YOU CAN'T FOOL THE PEOPLE: RATIONAL EXPECTATIONS
IN CONTEXT FOCUS The macroeconomy KEY THINKERS John Muth (1930–2005) Robert Lucas (1937–) BEFORE 1939 British economist John Hicks analyzes the way that expectations of the future change. 1956 US economist Philip Cagan uses "adaptive expectations" to explain forecasts based on the past. AFTER 1985…
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Full text Article Lucas, Robert Emerson Jr.

From The Columbia Encyclopedia
1937–, 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…
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Full text Article Stone, Robert

From Encyclopedia of American Literature Full text Article Volume 4
(b. 1937–) American novelist, screenwriter Born in Brooklyn, New York, Robert Stone grew up in a fatherless home and became a rebellious student in the Catholic schools he attended. He joined the navy and then attended New York University from 1958 to 1960. He worked odd jobs, began to frequent…
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Full text Article Lucas

From Merriam-Webster's Collegiate(R) Dictionary Full text Article Biographical Names
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Full text Article LUCAS, Prof (William) John

From Debrett's People of Today 2017
s of Leonard Townsend Lucas, and Joan, née Kelly b. 26 June 1937 Hampton GS, Univ of Reading (BA, PhD) 30 Sept 1961, Pauline; 1 s (Ben b 28 June 1962), 1 da (Emma b 11 Dec 1964) asst lectr Univ of Reading 1961–64, visiting prof Univs of Maryland and Indiana 1967–68, reader in English studies Univ of…
| 480 words
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