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

Varadarajan Chari

Journal of Economic Perspectives, 1998, vol. 12, issue 1, 171-186

Abstract: In 1995, Robert E. Lucas was awarded the Nobel Memorial Prize for Economic Science. This review places Lucas's work in a historical context and evaluates the effect of this work on the economics profession. Lucas's 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.

JEL-codes: B22 B31 (search for similar items in EconPapers)
Date: 1998
Note: DOI: 10.1257/jep.12.1.171
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Citations: View citations in EconPapers (12)

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Journal Article: Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics (1999)
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