Jump to ContentJump to Main Navigation
Lives of the LaureatesTwenty-three Nobel Economists$
Users without a subscription are not able to see the full content.

Roger W. Spencer and David A. Macpherson

Print publication date: 2014

Print ISBN-13: 9780262027960

Published to MIT Press Scholarship Online: May 2015

DOI: 10.7551/mitpress/9780262027960.001.0001

Show Summary Details
Page of

PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 30 June 2022

Robert E. Lucas, Jr.

Robert E. Lucas, Jr.

(p.209) Robert E. Lucas, Jr.
Lives of the Laureates

Roger W. Spencer

David A. Macpherson

The MIT Press

This chapter deals with the work of Robert E. Lucas, Jr., who was awarded the Nobel Prize in 1995. Lucas was born in 1937 and earned his Ph.D. from the University of Chicago in 1964. He was a professor of economics at Carnegie Mellon University from 1970–74 and became a distinguished service professor of economics at the University of Chicago from 1980 until the present. He wrote critically of the Keynesian macroeconomics models of the day. He pointed out that simulations of these models could not give accurate solutions to the effects of changes in economic policy. Skeptical of Keynesian econometric models, Lucas demonstrated effectively the failures of these models in policy debates and in the monetary and fiscal fine-tuning of the economy. Along with several economists, he was responsible for a new macroeconomics that changed the course of current thinking. His publications include Recursive Methods in Economic Dynamics and Lectures on Economic Growth.

Keywords:   Robert E. Lucas, Jr., Keynesian macroeconomics models, Keynesian econometric models, fiscal fine-tuning

MIT Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.