Table of Contents

The Nobel Memorial Laureates in Economics

The Nobel Memorial Laureates in Economics

An Introduction to Their Careers and Main Published Works

Howard R. Vane and Chris Mulhearn

Erudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates’ original works and gain a better understanding of the context in which new ideas were first put forward.

Chapter 27: THE 1995 NOBEL MEMORIAL LAUREATE ROBERT LUCAS JR

Howard R. Vane and Chris Mulhearn

Subjects: economics and finance, economic psychology, history of economic thought

Extract

THE 1995 NOBEL MEMORIAL LAUREATE ROBERT LUCAS JR ROBERT LUCAS JR Robert E. Lucas Jr (b. 1937) © The Nobel Foundation Robert Lucas was born in Yakima, Washington, USA in 1937. As an undergraduate he majored in history and received his BA from the University of Chicago in 1959. Lucas began his graduate studies at the University of California at Berkeley before deciding to switch from history to economics and return to the University of Chicago, where he was awarded a PhD in 1964. In 1963 he was appointed assistant professor at Carnegie Institute of Technology (later renamed Carnegie-Mellon University) and was subsequently promoted to associate professor in 1967, and Professor of Economics in 1970. He returned to the University of Chicago in 1974, first as visiting research professor and then as professor in 1975. In 1980 Lucas became the John Dewey Distinguished Service Professor of Economics at Chicago, a post he still holds. Among his offices and honours, Lucas served as the president of each of the Econometric Society in 1997 and the American Economic Association in 2002. In 1995 he was awarded the Nobel Memorial Prize in Economics ‘for having developed and applied the hypothesis of rational expectations, and thereby transformed macroeconomic analysis and deepened our understanding of economic policy’ (Nobel Foundation, 2004). Lucas is best known for his highly influential work in macroeconomics and is widely acknowledged as being the leading figure in 238 ROBERT LUCAS JR the development of new classical macroeconomics and the associated...

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