Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics

Varadarajan Chari

Quarterly Review, 1999, vol. 23, issue Spr, 2-12

Abstract: In 1995, Robert E. Lucas, Jr., was awarded the Nobel Prize in Economic Sciences. This review places Lucas' work in a historical context and evaluates the effect of this work on the economics profession. Lucas' central contribution is that he developed and applied economic theory to answer substantive questions in macroeconomics. Economists today routinely analyze systems in which agents operate in complex probabilistic environments to understand interactions about which the great theorists of an earlier generation could only speculate. This sea change is due primarily to Lucas. This essay is reprinted from the Journal of Economic Perspectives (Winter 1998, vol. 12, no. 1, pp. 171?86) with the permission of the American Economic Association.

Keywords: Economists (search for similar items in EconPapers)
Date: 1999
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.minneapolisfed.org/research/qr/qr2321.pdf Full Text (application/pdf)

Related works:
Journal Article: Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics (1998)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedmqr:y:1999:i:spr:p:2-12:n:v.23no.2

Access Statistics for this article

More articles in Quarterly Review from Federal Reserve Bank of Minneapolis Contact information at EDIRC.
Bibliographic data for series maintained by Kate Hansel ().