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Robert Emerson Lucas, Jr. (born September 15, 1937) is an American economist at the University of Chicago. He received The Bank of Sweden Prize in Economic Sciences in Memory
of Alfred Nobel in 1995.
Lucas was born in Yakima, Washington. Perhaps one of the
most influential economists since the 1970s, he changed the foundations of macroeconomic
theory (previously dominated by the Keynesian economics
approach), arguing that a macroeconomic model should have micro-foundations.
He is well know for his investigations into the implications of the assumption of rational expectations. He developed the "Lucas
critique" of economic policymaking, which held that the relationships that appear to hold in the economy, such as an apparent
relationship between inflation and unemployment, would change in response to changes in economic policy.
See also
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