robert lucas

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Robert Lucas

Robert Lucas (born September 15, 1937) is an American economist at the University of Chicago. He received the Nobel Prize in Economic Sciences in 1995 for developing the idea of rational expectations, which had an immense influence over the direction of modern macroeconomic theory. Lucas is the John Dewey Distinguished Service Professor of Economics at the University of Chicago, where he has been a faculty member since 1975. He is famous for his part in developing the new classical approach to macroeconomics.

Prior to his entry into academia, Lucas worked as an economist for the RAND Corporation. Later, he returned to University of Chicago to pursue post-graduate studies, earning his Ph.D in 1964. He completed his dissertation, which was titled The Economics of Business Cycles, under the direction of Nobel Prize-winning economist Arnold Harberger. After teaching at the University of California at Berkeley, he returned to campus in 1975 and remained a faculty member ever since, teaching classes in macroeconomics, econometrics, and monetary economics.

In addition to the Nobel Prize, Lucas has received numerous other prestigious awards and honors, including the John Bates Clark Medal, awarded by the American Economic Association in 1981, and the National Medal of Science, awarded by the White House in 1995. He was also awarded an honorary degree from the University of Cambridge in 2006.

Lucas was also active in developing new approaches for analyzing macroeconomic data. His research involved attempting to explain fluctuations in the business cycle using methods of mathematical and statistical analysis. He found that the traditional Keynesian approach to macroeconomics was inadequate, and proposed the idea of “rational expectations”, which asserts that economic agents have rational expectations about the future economic climates, thereby making more accurate predictions about the future direction of markets.

In the last decade, Lucas has been involved in the investigations of economic growth and development, as well as issues related to poverty. He wrote a book on the theories of growth and development, titled Lectures on Economic Growth, which was published in 2004.

Today, Lucas continues to research and teach at the University of Chicago. His other interests include temperature physics, music composition, and the playing of piano.