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while noting that aggregation in the theoretical sense may not be possible within a given model. He formulated the "Lucas critique" of economic policymaking, which holds that relationships that appear to hold in the economy, such as an apparent relationship between inflation and unemployment, could
1877:
in macroeconomic theory. Lucas (1972) incorporated the idea of rational expectations into a dynamic macroeconomic models. The agents in Lucas's model are rational: based on the available information, they form expectations about future prices and quantities, and based on these expectations they act
1990:, Rita Cohen. The couple divorced in the 1980s. The divorce stipulation had a clause that entitled Cohen to half of his Nobel prize winnings if the prize were to be awarded before October 31, 1995, which ended up being the case.
1859:
in 1995. The citation noted that the prize was "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy".
2805:
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1949:", which considers why more capital does not flow from developed countries to developing countries. Lucas (1988) is a seminal contribution in the economic development and growth literature. Lucas and
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1789:, as a first-year graduate student, but he left Berkeley due to financial reasons and returned to Chicago in 1960, where he earned a PhD in Economics in 1964. His dissertation,
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1778:, the family moved to Seattle. His mother worked as a fashion designer and his father worked at shipbuilding yard and later worked as a welder with a refrigeration company.
3456:
3479:
1805:" grounds. He believed that economics was the true driver of history, and so he planned to immerse himself fully in economics and then return to the history department.
1762:
characterized him as "the most influential macroeconomist of the last quarter of the 20th century". In 2020, he ranked as the 10th most cited economist in the world.
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1960:
Lucas also contributed foundational contributions to behavioral economics, and provided the intellectual foundation for the understanding of deviations from the
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1886:'s view of the long-run neutrality of money, and provided an explanation for the then observed correlation between output and inflation, depicted by the
1774:, as the eldest child of Robert Emerson Lucas and Jane Templeton Lucas. His parents ran an ice creamery in Yakima. After the business failed during the
1641:
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1971:, that the "central problem of depression-prevention has been solved, for all practical purposes, and has in fact been solved for many decades."
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1987:
247:
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1890:, while illustrating that the existence of this empirical relationship did not yield a possibility of a policy trade off.
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2947:. Carnegie-Rochester Conference Series on Public Policy. Vol. 1. New York: American Elsevier. pp. 19–46.
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1758:, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy".
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189:
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2179:
Lucas, Robert E. Jr. (2012). "The
History and Future of Economic Growth". In Miniter, Brendan (ed.).
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change in response to changes in economic policy. The reformulation influenced the development of
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In 1976, Lucas challenged the foundations of macroeconomic theory (previously dominated by the
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to maximize their expected lifetime utility. He also provided sound theoretical foundations to
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3235:
The
Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers
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which tries to show how much higher GDP would be in the presence of proper policy.
1961:
1957:
and the resurgence of research on economic growth in the late 1980s and the 1990s.
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3105:"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1995"
3005:
2856:"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1995"
2466:
2418:"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1995"
2006:
1968:
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366:
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224:
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3206:. Contributions to Economics. Heidelberg/New York/Dordrecht/London: Springer.
2113:
Lucas, Robert (1990). "Why Doesn't
Capital Flow from Rich to Poor Countries".
1493:
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2009:. Lucas had two sons with Cohen: Stephen (born 1960) and Joseph (born 1966).
1998:
1946:
1883:
1593:
1578:
1553:
1538:
1533:
1528:
1503:
1498:
1162:
1124:
1021:
753:
743:
723:
718:
698:
673:
596:
546:
471:
371:
284:
6105:
6081:
6075:
6015:
5938:
5920:
5866:
5824:
5645:
5622:
5550:
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4067:
4052:
4005:
3921:
3734:
3718:
3678:
3590:
3321:
2657:
1994:
1848:
in 1997. A collection of his papers is housed at the
Rubenstein Library at
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1613:
1558:
1518:
1305:
1177:
1144:
1134:
1092:
969:
964:
649:
639:
586:
486:
466:
461:
146:
4388:
3263:
6099:
5914:
5872:
5759:
5556:
5189:
5104:
5056:
4965:
4846:
4816:
4798:
4161:
3997:
3981:
3909:
3794:
3726:
3630:
3594:
3409:
3174:"Robert E. Lucas Jr., Nobel laureate and pioneering economist, 1937–2023"
2335:
1975:
1937:
that suggests people can be tricked by unsystematic monetary policy; the
1618:
1129:
1114:
688:
556:
456:
2634:
2204:. Working Paper Series no. 17495. National Bureau of Economic Research.
859:
6087:
5201:
4888:
4858:
4082:
4037:
3527:
3288:
2918:
2886:
2509:"Robert E. Lucas Jr., Nobel-Winning Conservative Economist, Dies at 85"
2126:
1950:
1791:
Substitution
Between Labor and Capital in U.S. Manufacturing: 1929–1958
1548:
1478:
1414:
1365:
763:
693:
678:
432:
326:
274:
3329:
Interviews with Robert Lucas as part of the Nobel
Perspectives project
2608:"Understanding Robert Lucas (1967–1981): His Influence and Influences"
3296:
2706:
2201:
1742:(September 15, 1937 – May 15, 2023) was an American economist at the
1646:
1488:
1119:
1004:
959:
2902:
1873:
Lucas is well known for his investigations into the implications of
5279:
2668:
2266:
2210:
2053:
Lucas, Robert (1976). "Econometric Policy
Evaluation: A Critique".
2084:
Lucas, Robert (1988). "On the
Mechanics of Economic Development".
2022:
Lucas, Robert (1972). "Expectations and the
Neutrality of Money".
1746:. Widely regarded as the central figure in the development of the
2160:. Prize Lecture, 1995 Nobel Prize in Economics, December 7, 1995,
1802:
831:
758:
2541:"Robert E. Lucas Jr., Nobel Prize–winning economist, dies at 85"
2368:
3204:
The Theory of New Classical Macroeconomics: A Positive Critique
2306:
1695:
817:
2182:
The 4% Solution: Unleashing the Economic Growth America Needs
1287:
1063:
1754:
in 1995 "for having developed and applied the hypothesis of
6223:
Distinguished fellows of the American Economic Association
6143:
Members of the United States National Academy of Sciences
4654:
2163:
Stokey, Nancy; Robert Lucas; and Edward Prescott (1989),
2012:
Lucas died in Chicago on May 15, 2023, at the age of 85.
107:
3259:
Robert E. Lucas Jr.'s website at University of Chicago
3038:"Paul Romer: Ideas, Nonrivalry, and Endogenous Growth"
2835:
David M. Rubenstein Rare Book & Manuscript Library
2247:
Lucas, Robert E. Jr.; Moll, Benjamin (February 2014).
2887:"The Scientific Contributions of Robert E. Lucas, Jr"
2200:
Lucas, Robert E. Jr.; Moll, Benjamin (October 2011).
2055:
Carnegie-Rochester Conference Series on Public Policy
6218:
Fellows of the American Academy of Arts and Sciences
2288:
2248:
2135:
1986:Lucas married an undergraduate classmate from the
1781:Lucas received his BA in History in 1959 from the
3360:Laureate of the Nobel Memorial Prize in Economics
3231:"Robert E. Lucas, Jr and new classical economics"
6119:
4236:Pugwash Conferences on Science and World Affairs
3000:
2663:Bob Lucas on Growth, Poverty and Business Cycles
1967:In 2003, he stated, about five years before the
1801:. Lucas studied economics for his PhD on "quasi-
6203:Presidents of the American Economic Association
5281:Presidents of the American Economic Association
3272:includes the Prize Lecture on December 7, 1995
3069:, London: Palgrave Macmillan UK, pp. 1–6,
2831:"Robert E. Lucas papers, 1960–2011 and undated"
4159:
1988:University of Chicago Booth School of Business
1813:Following his graduation, Lucas taught at the
6238:Members of the American Philosophical Society
5265:
4640:
4404:
4145:
3464:
2371:. Cheltenham: Edgar Elgar. pp. 220–223.
2250:"Knowledge Growth and the Allocation of Time"
2202:"Knowledge Growth and the Allocation of Time"
2133:
2112:
2083:
2052:
2021:
1720:
885:
3484:Sveriges Riksbank Prize in Economic Sciences
2976:"New Classical Macroeconomics: Robert Lucas"
2606:Andrada, Alexandre F. S. (May–August 2017).
2185:. New York: Crown Business. pp. 27–41.
1993:After his divorce from Cohen, Lucas married
1912:should be built as an aggregated version of
1815:Graduate School of Industrial Administration
4418:
3171:
3016:. Cambridge: MIT Press. pp. 356–360 .
2934:"Econometric Policy Evaluation: A Critique"
2393:"Robert E. Lucas, Jr. | American economist"
2364:
1765:
5272:
5258:
4647:
4633:
4411:
4397:
4152:
4138:
3471:
3457:
3267:
3060:
1945:) of human capital accumulation; and the "
1727:
1713:
892:
878:
42:
3172:Lee, Tori; Witynski, Max (May 16, 2023).
2760:John Simon Guggenheim Memorial Foundation
2633:
2623:
2498:
2496:
2494:
2492:
2439:Mankiw, N. Gregory (September 21, 2009).
2246:
2209:
2199:
2066:
2035:
1964:based on the irrationality of investors.
1863:
1857:Nobel Memorial Prize in Economic Sciences
1770:Lucas was born on September 15, 1937, in
1752:Nobel Memorial Prize in Economic Sciences
319:Nobel Memorial Prize in Economic Sciences
3067:The New Palgrave Dictionary of Economics
2884:
2693:
2365:Snowdon, Brian; Vane, Howard R. (2005).
1868:
1748:new classical approach to macroeconomics
3201:
2925:
2735:American Academy of Arts & Sciences
2656:
2605:
2571:
2569:
2502:
1997:. The couple collaborated on papers on
1793:, was written under the supervision of
14:
6120:
3228:
2964:from the original on November 5, 2021.
2538:
2489:
2438:
2165:Recursive Methods in Economic Dynamics
1928:
1037:Measures of national income and output
6198:Presidents of the Econometric Society
5253:
4628:
4392:
4133:
3452:
3313:The Concise Encyclopedia of Economics
2931:
2891:The Scandinavian Journal of Economics
2880:
2878:
2876:
2178:
1834:American Academy of Arts and Sciences
6248:Journal of Political Economy editors
6228:National Bureau of Economic Research
2945:The Phillips Curve and Labor Markets
2582:"Robert E. Lucas Jr. – Biographical"
2566:
2534:
2532:
1825:until 1975, when he returned to the
3279:Robert E. Lucas Jr. – Autobiography
137:
24:
6233:Economists from Washington (state)
6193:Fellows of the Econometric Society
6138:Carnegie Mellon University faculty
2994:
2873:
2459:"Top 10% Authors, as of July 2020"
1787:University of California, Berkeley
25:
6259:
6208:Fellows of the Earhart Foundation
3252:
3050:from the original on May 3, 2020.
2575:
2529:
1893:
6163:21st-century American economists
6158:20th-century American economists
3318:Library of Economics and Liberty
3075:10.1057/978-1-349-95121-5_2728-1
2674:Library of Economics and Liberty
2305:
2291:
2138:Studies in Business-Cycle Theory
1981:
1694:
1682:
923:
858:
844:
830:
816:
405:Library of Economics and Liberty
3560:Leonid Vitaliyevich Kantorovich
3165:
3140:
3122:
3097:
3054:
3030:
2968:
2848:
2823:
2798:
2773:
2748:
2723:
2687:
2650:
2346:Welfare cost of business cycles
2015:
428:Consequentialist libertarianism
133:
6188:People from Yakima, Washington
3308:"Robert E. Lucas Jr. (1937– )"
2810:American Philosophical Society
2599:
2539:Langer, Emily (May 19, 2023).
2451:
2432:
2410:
2385:
2358:
1846:American Philosophical Society
1642:Publications in macroeconomics
27:American economist (1937–2023)
13:
1:
6183:University of Chicago faculty
3431:American Economic Association
3195:
2885:Svensson, Lars E. O. (1996).
2313:Business and economics portal
2086:Journal of Monetary Economics
2077:10.1016/S0167-2231(76)80003-6
6178:University of Chicago alumni
6168:Nobel laureates in Economics
4528:New classical macroeconomics
2785:National Academy of Sciences
2471:Research Papers in Economics
2255:Journal of Political Economy
2167:, Harvard University Press,
2098:10.1016/0304-3932(88)90168-7
2046:10.1016/0022-0531(72)90142-1
1919:new classical macroeconomics
1842:National Academy of Sciences
620:Symmetrical inflation target
377:Positive non-interventionism
210:New classical macroeconomics
7:
5220:Pinelopi Koujianou Goldberg
4286:Christiane Nüsslein-Volhard
3302:Chicago Economics on Trial
3063:"Lucas, Robert (Born 1937)"
2284:
10:
6264:
4576:Real business cycle school
3552:Friedrich August von Hayek
3061:Barseghyan, Levon (2016),
3014:Lectures on Macroeconomics
2625:10.1016/j.econ.2016.09.001
2024:Journal of Economic Theory
1925:for macroeconomic theory.
1908:approach), arguing that a
1897:
1823:Carnegie Mellon University
1393:New neoclassical synthesis
1376:Real business-cycle theory
800:Perspectives on capitalism
190:Carnegie Mellon University
6243:Chicago School economists
5960:
5793:
5632:
5545:Oliver M. W. Sprague
5471:
5334:
5287:
5078:
4910:
4749:
4666:
4574:
4526:
4466:
4428:
4316:
4301:
4270:
4245:
4220:
4200:
4169:
3950:Christopher A. Pissarides
3824:
3573:
3490:
3437:
3424:
3416:
3406:
3393:
3385:
3380:
3366:
3357:
3341:
3336:
3284:Nobel Prize Press Release
3212:10.1007/978-3-319-17578-2
3130:"Fighting Off Depression"
1923:microeconomic foundations
1832:Lucas was elected to the
1819:Tepper School of Business
1808:
851:Libertarianism portal
684:Foreign exchange reserves
336:
325:
314:
293:
238:
215:
203:
182:
172:
167:
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155:
114:
95:
79:
53:
41:
34:
6173:American Nobel laureates
6153:New classical economists
6148:American macroeconomists
4443:Francis Ysidro Edgeworth
3229:Kasper, Sherryl (2002).
3148:"What Is a Lucas Wedge?"
2351:
2115:American Economic Review
1974:Lucas also proposed the
1955:endogenous growth theory
1766:Early life and education
1740:Robert Emerson Lucas Jr.
1398:Saltwater and freshwater
58:Robert Emerson Lucas Jr.
5861:Charles P. Kindleberger
5599:Emanuel A. Goldenweiser
4421:Neoclassical economists
4232:(United Kingdom/Poland)
3202:Galbács, Peter (2015).
3002:Blanchard, Olivier Jean
2397:Encyclopedia Britannica
1326:International economics
1251:Overlapping generations
669:Economic liberalization
574:International economics
400:George Mason University
345:Part of a series on the
331:IDEAS / RePEc
140:, divorced)
90:Chicago, Illinois, U.S.
5766:John Kenneth Galbraith
4433:William Stanley Jevons
4322:Nobel Prize recipients
4272:Physiology or Medicine
2943:; Meltzer, A. (eds.).
2932:Lucas, Robert (1976).
2731:"Robert Emerson Lucas"
2701:Fifty Major Economists
2234:Cite journal requires
2156:Lucas, Robert (1995).
2134:Lucas, Robert (1981).
1953:heralded the birth of
1921:and the drive towards
1864:Research contributions
1855:Lucas was awarded the
1669:Mathematical economics
1420:Modern monetary theory
1183:Universal basic income
734:Open market operations
438:Neoclassical economics
280:Esteban Rossi-Hansberg
5002:Jean-Michel Grandmont
4496:Jean-Michel Grandmont
3671:James M. Buchanan Jr.
3178:University of Chicago
2781:"Robert E. Lucas, Jr"
2158:"Monetary Neutrality"
1875:rational expectations
1869:Rational expectations
1838:Guggenheim Fellowship
1827:University of Chicago
1785:. Lucas attended the
1783:University of Chicago
1756:rational expectations
1744:University of Chicago
1509:Wesley Clair Mitchell
1484:Thomas Robert Malthus
1321:Development economics
837:Capitalism portal
714:Intellectual property
522:Comparative advantage
301:Rational expectations
195:University of Chicago
100:University of Chicago
5819:Tjalling C. Koopmans
5432:Herbert J. Davenport
5342:Edwin R. A. Seligman
5051:Robert E. Lucas, Jr.
5021:Jean-Jacques Laffont
3934:Oliver E. Williamson
3564:Tjalling C. Koopmans
2806:"APS Member History"
2756:"Robert E. Lucas Jr"
2709:. pp. 193–197.
2660:(February 5, 2007).
1914:microeconomic models
1246:Ramsey–Cass–Koopmans
1086:Liquidity preference
704:Inflation adjustment
660:Economic integration
537:Economic rationalism
265:Jean-Pierre Danthine
6034:Christopher A. Sims
5933:Arnold C. Harberger
5897:Thomas C. Schelling
5855:Charles L. Schultze
5742:Kenneth E. Boulding
5694:Theodore W. Schultz
5159:Jean-Charles Rochet
4990:Anthony B. Atkinson
4710:John Maynard Keynes
4660:Econometric Society
4513:Jean-Pascal Bénassy
4468:Walrasian economics
4191:F. Sherwood Rowland
3962:Christopher A. Sims
3890:Thomas C. Schelling
3862:Robert F. Engle III
3763:Robert E. Lucas Jr.
3611:Theodore W. Schultz
3400:Econometric Society
3274:Monetary Neutrality
2545:The Washington Post
2445:Wall Street Journal
2331:Lucas islands model
1929:Other contributions
1910:macroeconomic model
1906:Keynesian economics
1701:Business portal
1637:Macroeconomic model
1514:John Maynard Keynes
1311:Economic statistics
1256:General equilibrium
865:Politics portal
823:Business portal
784:Alter-globalization
729:Negative income tax
709:Inflation targeting
5748:William J. Fellner
5724:Joseph J. Spengler
5712:Gottfried Haberler
5682:George W. Stocking
5676:Morris A. Copeland
5563:Frederick C. Mills
5503:Matthew B. Hammond
5456:Wesley C. Mitchell
5438:Jacob H. Hollander
4936:Franklin M. Fisher
4853:Hendrik Houthakker
4604:Edward C. Prescott
3878:Edward C. Prescott
3866:Clive W.J. Granger
3842:Joseph E. Stiglitz
3815:Daniel L. McFadden
3703:Harry M. Markowitz
3266:on Nobelprize.org
3136:. January 4, 2009.
3134:The New York Times
2515:The New York Times
2477:on August 23, 2020
2465:. Archived by the
2420:. Nobel Foundation
2321:List of economists
1935:a theory of supply
1772:Yakima, Washington
1750:, he received the
1589:Edward C. Prescott
1316:Monetary economics
794:Anti-globalization
592:Monetary economics
72:Yakima, Washington
68:September 15, 1937
6213:Growth economists
6115:
6114:
6070:Olivier Blanchard
6058:Robert J. Shiller
6028:Orley Ashenfelter
6004:Thomas J. Sargent
5951:Dale W. Jorgenson
5885:Joseph A. Pechman
5837:William J. Baumol
5807:Lawrence R. Klein
5801:Franco Modigliani
5718:George J. Stigler
5700:Paul A. Samuelson
5611:Joseph Schumpeter
5521:William Z. Ripley
5515:George E. Barnett
5479:Edwin W. Kemmerer
5402:Walter F. Willcox
5354:Jeremiah W. Jenks
5301:Charles F. Dunbar
5295:Francis A. Walker
5247:
5246:
5238:Eliana La Ferrara
5129:Lars Peter Hansen
5117:Thomas J. Sargent
5027:Andreu Mas-Colell
4996:Hugo Sonnenschein
4954:James A. Mirrlees
4823:Franco Modigliani
4740:Tjalling Koopmans
4698:Joseph Schumpeter
4622:
4621:
4561:Thomas J. Sargent
4541:Axel Leijonhufvud
4386:
4385:
4303:Economic Sciences
4292:Eric F. Wieschaus
4255:Martin Lewis Perl
4127:
4126:
4026:Richard H. Thaler
3990:Robert J. Shiller
3986:Lars Peter Hansen
3958:Thomas J. Sargent
3946:Dale T. Mortensen
3838:A. Michael Spence
3834:George A. Akerlof
3803:Robert A. Mundell
3771:James A. Mirrlees
3739:Douglass C. North
3711:William F. Sharpe
3663:Franco Modigliani
3639:George J. Stigler
3623:Lawrence R. Klein
3512:Paul A. Samuelson
3447:
3446:
3438:Succeeded by
3407:Succeeded by
3381:Academic offices
3370:James A. Mirrlees
3367:Succeeded by
3221:978-3-319-17578-2
3084:978-1-349-95121-5
3023:978-0-262-02283-5
3010:"The Lucas Model"
2982:. October 8, 2012
2576:Lucas, Robert E.
2378:978-1-84542-208-0
2341:Uzawa–Lucas model
2192:978-0-307-98614-6
2149:978-0-262-62044-4
1939:Uzawa–Lucas model
1844:in 1981, and the
1760:N. Gregory Mankiw
1737:
1736:
1664:Political economy
1619:N. Gregory Mankiw
1609:Thomas J. Sargent
1454:Market monetarism
1268:Endogenous growth
1098:National accounts
902:
901:
645:Denationalization
602:Quantity of money
410:Reason Foundation
340:
339:
230:Dale W. Jorgenson
18:Robert Lucas, Jr.
16:(Redirected from
6255:
6046:William Nordhaus
5986:Martin Feldstein
5974:Robert Lucas Jr.
5831:Moses Abramovitz
5778:Walter W. Heller
5772:Kenneth J. Arrow
5754:Wassily Leontief
5652:Calvin B. Hoover
5640:John H. Williams
5539:Alvin S. Johnson
5509:Ernest L. Bogart
5426:Henry B. Gardner
5408:Thomas N. Carver
5319:Arthur T. Hadley
5274:
5267:
5260:
5251:
5250:
5214:Orazio Attanasio
5172:James J. Heckman
5167:
5141:Roger B. Myerson
5123:Richard Blundell
5111:Ariel Rubinstein
5100:
5063:Robert B. Wilson
5039:Christopher Sims
5010:
4841:Michio Morishima
4829:Edmond Malinvaud
4775:Wassily Leontief
4686:Harold Hotelling
4680:François Divisia
4649:
4642:
4635:
4626:
4625:
4551:Bennett McCallum
4546:Robert Lucas Jr.
4509:
4486:Edmond Malinvaud
4453:John Bates Clark
4413:
4406:
4399:
4390:
4389:
4324:
4309:Robert Lucas Jr.
4261:Frederick Reines
4154:
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4112:
4110:Philip H. Dybvig
4093:
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4072:Robert B. Wilson
4059:
4049:Abhijit Banerjee
4040:
4034:William Nordhaus
4028:
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3974:Lloyd S. Shapley
3964:
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3942:Peter A. Diamond
3936:
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3914:Roger B. Myerson
3900:
3898:Edmund S. Phelps
3892:
3886:Robert J. Aumann
3880:
3868:
3856:
3844:
3817:
3811:James J. Heckman
3805:
3797:
3789:
3787:Myron S. Scholes
3783:Robert C. Merton
3777:
3765:
3757:
3751:John F. Nash Jr.
3747:John C. Harsanyi
3741:
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3721:
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3707:Merton H. Miller
3697:
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3617:
3615:Sir Arthur Lewis
3605:
3603:Herbert A. Simon
3597:
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3554:
3542:
3540:Wassily Leontief
3534:
3532:Kenneth J. Arrow
3522:
3514:
3506:
3473:
3466:
3459:
3450:
3449:
3417:Preceded by
3386:Preceded by
3349:John F. Nash Jr.
3345:John C. Harsanyi
3342:Preceded by
3334:
3333:
3325:
3320:(2nd ed.).
3271:
3264:Robert Lucas Jr.
3248:
3237:. Edward Elgar.
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2506:(May 17, 2023).
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2441:"Back In Demand"
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1962:law of one price
1933:Lucas developed
1776:Great Depression
1729:
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1699:
1698:
1689:Money portal
1687:
1686:
1685:
1599:William Nordhaus
1584:Robert Lucas Jr.
1474:François Quesnay
1110:Nominal rigidity
1081:Demand for money
1059:Microfoundations
995:Financial crisis
975:Effective demand
945:Aggregate supply
940:Aggregate demand
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5992:Daniel McFadden
5956:
5945:D. Gale Johnson
5939:Robert W. Fogel
5927:Anne O. Krueger
5921:Victor R. Fuchs
5903:William Vickrey
5867:Alice M. Rivlin
5849:W. Arthur Lewis
5825:Robert M. Solow
5789:
5784:R. Aaron Gordon
5736:Milton Friedman
5706:Edward S. Mason
5688:Arthur F. Burns
5646:Harold A. Innis
5628:
5617:Howard S. Ellis
5593:I. Leo Sharfman
5587:Joseph S. Davis
5581:Albert B. Wolfe
5575:Edwin G. Nourse
5569:Sumner Slichter
5527:Harry A. Millis
5485:Thomas S. Adams
5467:
5444:Henry R. Seager
5414:John R. Commons
5384:Frank A. Fetter
5378:Henry W. Farnam
5372:Edmund J. James
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5045:Roger Guesnerie
5033:Takashi Negishi
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4972:Daniel McFadden
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2007:monetary theory
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1969:Great Recession
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5491:Fred M. Taylor
5488:
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5462:Allyn A. Young
5459:
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5366:Davis R. Dewey
5363:
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5328:
5325:Richard T. Ely
5322:
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5313:Henry C. Adams
5310:
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5298:
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5269:
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5254:
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5229:
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5217:
5211:
5208:Stephen Morris
5205:
5199:
5196:Drew Fudenberg
5193:
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5054:
5048:
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5036:
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5024:
5018:
5012:
4999:
4993:
4987:
4984:Dale Jorgenson
4981:
4975:
4969:
4966:Amartya K. Sen
4963:
4957:
4951:
4945:
4939:
4933:
4927:
4921:
4918:Hirofumi Uzawa
4914:
4912:
4908:
4907:
4905:
4904:
4898:
4892:
4886:
4880:
4874:
4868:
4865:Leonid Hurwicz
4862:
4856:
4850:
4844:
4838:
4832:
4826:
4820:
4814:
4811:Lawrence Klein
4808:
4805:Marcel Boiteux
4802:
4796:
4790:
4784:
4778:
4772:
4766:
4763:Paul Samuelson
4760:
4757:R. G. D. Allen
4753:
4751:
4747:
4746:
4744:
4743:
4737:
4731:
4725:
4719:
4716:Jacob Marschak
4713:
4707:
4701:
4695:
4689:
4683:
4677:
4670:
4668:
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4663:
4652:
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4476:Maurice Allais
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4268:
4267:
4265:
4264:
4258:
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4243:
4242:
4240:
4239:
4233:
4230:Joseph Rotblat
4226:
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4209:
4198:
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4188:
4182:
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4149:
4142:
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4125:
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4122:
4121:
4118:Claudia Goldin
4113:
4094:
4087:Joshua Angrist
4075:
4060:
4057:Michael Kremer
4041:
4029:
4021:
4009:
4001:
3993:
3982:Eugene F. Fama
3977:
3965:
3953:
3937:
3925:
3917:
3910:Eric S. Maskin
3906:Leonid Hurwicz
3901:
3893:
3881:
3869:
3857:
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3828:
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3822:
3821:
3819:
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3798:
3790:
3778:
3766:
3758:
3742:
3730:
3727:Gary S. Becker
3722:
3714:
3698:
3690:
3687:Maurice Allais
3682:
3674:
3666:
3658:
3650:
3642:
3634:
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3606:
3598:
3595:James E. Meade
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3253:External links
3251:
3250:
3249:
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3226:
3220:
3197:
3194:
3191:
3190:
3164:
3139:
3121:
3109:NobelPrize.org
3096:
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2924:
2872:
2860:NobelPrize.org
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2649:
2618:(2): 212–228.
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2328:
2326:Lucas critique
2323:
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2302:
2286:
2283:
2282:
2281:
2280:
2279:
2267:10.1086/674363
2236:|journal=
2211:10.3386/w17495
2197:
2191:
2176:
2161:
2154:
2148:
2131:
2110:
2081:
2050:
2017:
2014:
2003:public finance
1983:
1980:
1943:Hirofumi Uzawa
1930:
1927:
1900:Lucas critique
1898:Main article:
1895:
1894:Lucas critique
1892:
1888:Phillips curve
1870:
1867:
1865:
1862:
1810:
1807:
1799:Dale Jorgenson
1795:H. Gregg Lewis
1767:
1764:
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1576:
1574:Lawrence Klein
1571:
1569:Paul Samuelson
1566:
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1536:
1531:
1526:
1524:Michał Kalecki
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1444:Disequilibrium
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1432:Post-Keynesian
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1308:
1302:
1300:Related fields
1299:
1298:
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1280:
1275:
1270:
1265:
1264:
1263:
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1226:Phillips curve
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1076:Money creation
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1055:
1054:
1049:
1044:
1034:
1032:Liquidity trap
1029:
1024:
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1018:
1017:
1012:
1002:
997:
992:
991:
990:
985:
977:
972:
967:
962:
957:
952:
950:Business cycle
947:
942:
936:
934:Basic concepts
933:
932:
929:
928:
920:
919:
917:Macroeconomics
913:
912:
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896:
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869:
868:
854:
840:
826:
809:
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803:
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791:
786:
780:
779:
777:Related topics
776:
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631:
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627:
623:
622:
617:
607:Rational agent
604:
599:
594:
589:
584:
571:
564:
559:
554:
552:k-percent rule
549:
544:
539:
534:
529:
524:
518:
517:
514:
513:
510:
509:
505:
504:
499:
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489:
484:
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477:David Friedman
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395:Cato Institute
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367:Libertarianism
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351:Chicago school
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316:
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311:
309:
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306:Lucas critique
303:
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225:H. Gregg Lewis
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204:School or
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6064:Alvin E. Roth
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6038:
6035:
6032:
6029:
6026:
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6020:
6017:
6014:
6011:
6010:Avinash Dixit
6008:
6005:
6002:
5999:
5996:
5993:
5990:
5987:
5984:
5981:
5980:Peter Diamond
5978:
5975:
5972:
5969:
5968:Sherwin Rosen
5966:
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5959:
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5913:
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5909:Zvi Griliches
5907:
5904:
5901:
5898:
5895:
5892:
5891:Gérard Debreu
5889:
5886:
5883:
5880:
5879:Robert Eisner
5877:
5874:
5871:
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5865:
5862:
5859:
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5730:Fritz Machlup
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5695:
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5664:John D. Black
5662:
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5658:Simon Kuznets
5656:
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5555:
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5540:
5537:
5534:
5533:John M. Clark
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5507:
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5483:
5480:
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5463:
5460:
5457:
5454:
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5450:Carl C. Plehn
5448:
5445:
5442:
5439:
5436:
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5430:
5427:
5424:
5421:
5420:Irving Fisher
5418:
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5409:
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5376:
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5364:
5361:
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5355:
5352:
5349:
5348:F. W. Taussig
5346:
5343:
5340:
5339:
5337:
5333:
5326:
5323:
5320:
5317:
5314:
5311:
5308:
5307:John B. Clark
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5209:
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5197:
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5185:
5184:Robert Porter
5182:
5179:
5176:
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5148:
5147:John H. Moore
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5133:
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5124:
5121:
5118:
5115:
5112:
5109:
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5098:
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5086:Avinash Dixit
5084:
5083:
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5067:
5064:
5061:
5058:
5055:
5052:
5049:
5046:
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5034:
5031:
5028:
5025:
5022:
5019:
5016:
5015:Peter Diamond
5013:
5008:
5003:
5000:
4997:
4994:
4991:
4988:
4985:
4982:
4979:
4978:Michael Bruno
4976:
4973:
4970:
4967:
4964:
4961:
4960:Herbert Scarf
4958:
4955:
4952:
4949:
4946:
4943:
4940:
4937:
4934:
4931:
4928:
4925:
4922:
4919:
4916:
4915:
4913:
4909:
4902:
4901:Zvi Griliches
4899:
4896:
4893:
4890:
4887:
4884:
4881:
4878:
4877:Gérard Debreu
4875:
4872:
4871:Jacques Drèze
4869:
4866:
4863:
4860:
4857:
4854:
4851:
4848:
4845:
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4806:
4803:
4800:
4797:
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4791:
4788:
4787:Kenneth Arrow
4785:
4782:
4781:Richard Stone
4779:
4776:
4773:
4770:
4767:
4764:
4761:
4758:
4755:
4754:
4752:
4748:
4741:
4738:
4735:
4734:Ragnar Frisch
4732:
4729:
4726:
4723:
4722:Jan Tinbergen
4720:
4717:
4714:
4711:
4708:
4705:
4702:
4699:
4696:
4693:
4692:Arthur Bowley
4690:
4687:
4684:
4681:
4678:
4675:
4674:Irving Fisher
4672:
4671:
4669:
4665:
4661:
4657:
4650:
4645:
4643:
4638:
4636:
4631:
4630:
4627:
4615:
4614:Alan Stockman
4612:
4610:
4609:Sérgio Rebelo
4607:
4605:
4602:
4600:
4597:
4595:
4592:
4590:
4587:
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4525:
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4511:
4507:
4502:
4499:
4497:
4494:
4492:
4491:Jacques Drèze
4489:
4487:
4484:
4482:
4481:Gérard Debreu
4479:
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4458:Irving Fisher
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4213:Seamus Heaney
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4181:(Netherlands)
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3999:
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3991:
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3970:Alvin E. Roth
3966:
3963:
3959:
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3930:Elinor Ostrom
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3680:
3675:
3672:
3667:
3664:
3659:
3656:
3655:Richard Stone
3651:
3648:
3647:Gérard Debreu
3643:
3640:
3635:
3632:
3627:
3624:
3619:
3616:
3612:
3607:
3604:
3599:
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3565:
3561:
3556:
3553:
3549:
3548:Gunnar Myrdal
3544:
3541:
3536:
3533:
3529:
3528:John R. Hicks
3524:
3521:
3520:Simon Kuznets
3516:
3513:
3508:
3505:
3504:Jan Tinbergen
3501:
3500:Ragnar Frisch
3496:
3495:
3493:
3489:
3485:
3481:
3474:
3469:
3467:
3462:
3460:
3455:
3454:
3451:
3442:
3441:Peter Diamond
3433:
3432:
3428:
3421:
3420:Sherwin Rosen
3415:
3411:
3402:
3401:
3397:
3390:
3384:
3379:
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3362:
3361:
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3327:
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3315:
3314:
3309:
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3300:
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3285:
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3280:
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3275:
3270:
3265:
3262:
3260:
3257:
3256:
3246:
3244:9781843765608
3240:
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3223:
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3213:
3209:
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3200:
3199:
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3149:
3143:
3135:
3131:
3125:
3110:
3106:
3100:
3086:
3080:
3076:
3072:
3068:
3064:
3057:
3046:
3039:
3033:
3025:
3019:
3015:
3011:
3007:
3003:
2997:
2981:
2977:
2971:
2960:
2956:
2954:0-444-11007-0
2950:
2946:
2942:
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2916:
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2908:
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2900:
2896:
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2716:9780415134811
2712:
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2703:
2702:
2696:
2690:
2675:
2671:
2670:
2665:
2664:
2659:
2658:Roberts, Russ
2653:
2645:
2641:
2636:
2631:
2626:
2621:
2617:
2613:
2609:
2602:
2587:
2584:. Stockholm:
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2256:
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2241:
2228:
2212:
2207:
2203:
2198:
2194:
2188:
2184:
2183:
2177:
2174:
2173:0-674-75096-9
2170:
2166:
2162:
2159:
2155:
2151:
2145:
2142:. MIT Press.
2140:
2139:
2132:
2128:
2124:
2120:
2116:
2111:
2107:
2103:
2099:
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2078:
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2069:
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2056:
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2047:
2043:
2038:
2033:
2030:(2): 103–24.
2029:
2025:
2020:
2019:
2013:
2010:
2008:
2004:
2000:
1999:growth theory
1996:
1991:
1989:
1982:Personal life
1979:
1977:
1972:
1970:
1965:
1963:
1958:
1956:
1952:
1948:
1947:Lucas paradox
1944:
1940:
1936:
1926:
1924:
1920:
1915:
1911:
1907:
1901:
1891:
1889:
1885:
1884:Edmund Phelps
1881:
1876:
1861:
1858:
1853:
1851:
1847:
1843:
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1835:
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1620:
1617:
1615:
1612:
1610:
1607:
1605:
1602:
1600:
1597:
1595:
1594:Peter Diamond
1592:
1590:
1587:
1585:
1582:
1580:
1579:Edmund Phelps
1577:
1575:
1572:
1570:
1567:
1565:
1562:
1560:
1557:
1555:
1554:Richard Stone
1552:
1550:
1547:
1545:
1542:
1540:
1539:Joan Robinson
1537:
1535:
1534:Simon Kuznets
1532:
1530:
1529:Gunnar Myrdal
1527:
1525:
1522:
1520:
1517:
1515:
1512:
1510:
1507:
1505:
1504:Irving Fisher
1502:
1500:
1499:Knut Wicksell
1497:
1495:
1492:
1490:
1487:
1485:
1482:
1480:
1477:
1475:
1472:
1471:
1468:
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1434:
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1418:
1417:
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1413:
1411:
1408:
1407:
1406:
1405:
1399:
1396:
1394:
1391:
1389:
1386:
1384:
1381:
1377:
1374:
1373:
1372:
1371:New classical
1369:
1367:
1364:
1360:
1357:
1355:
1352:
1351:
1350:
1347:
1346:
1345:
1340:
1335:
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1327:
1324:
1322:
1319:
1317:
1314:
1312:
1309:
1307:
1304:
1303:
1297:
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1289:
1286:
1284:
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1279:
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1274:
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1257:
1254:
1252:
1249:
1247:
1244:
1242:
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1234:
1232:
1229:
1227:
1224:
1222:
1219:
1217:
1214:
1212:
1209:
1207:
1204:
1202:
1199:
1198:
1192:
1191:
1184:
1181:
1179:
1176:
1174:
1171:
1169:
1166:
1164:
1161:
1160:
1154:
1153:
1146:
1143:
1141:
1138:
1136:
1133:
1131:
1128:
1126:
1125:Shrinkflation
1123:
1121:
1118:
1116:
1113:
1111:
1108:
1104:
1101:
1100:
1099:
1096:
1094:
1091:
1087:
1084:
1083:
1082:
1079:
1077:
1074:
1070:
1067:
1066:
1065:
1062:
1060:
1057:
1053:
1050:
1048:
1045:
1043:
1040:
1039:
1038:
1035:
1033:
1030:
1028:
1025:
1023:
1022:Interest rate
1020:
1016:
1013:
1011:
1008:
1007:
1006:
1003:
1001:
998:
996:
993:
989:
986:
984:
981:
980:
979:Expectations
978:
976:
973:
971:
968:
966:
963:
961:
958:
956:
953:
951:
948:
946:
943:
941:
938:
937:
931:
930:
926:
922:
921:
918:
915:
914:
910:
906:
905:
895:
890:
888:
883:
881:
876:
875:
873:
872:
866:
861:
855:
852:
841:
838:
833:
827:
824:
819:
813:
812:
811:
810:
802:
797:
795:
792:
790:
787:
785:
782:
781:
774:
773:
765:
762:
760:
757:
755:
754:Single market
752:
750:
747:
745:
744:Privatization
742:
740:
737:
735:
732:
730:
727:
725:
724:Marketization
722:
720:
719:Laissez-faire
717:
715:
712:
710:
707:
705:
702:
700:
699:Globalization
697:
695:
692:
690:
687:
685:
682:
680:
677:
675:
674:Exchange rate
672:
670:
667:
665:
661:
658:
656:
653:
651:
648:
646:
643:
641:
640:Central banks
638:
637:
630:
629:
621:
618:
616:
612:
608:
605:
603:
600:
598:
597:Public choice
595:
593:
590:
588:
585:
583:
579:
575:
572:
570:
569:
565:
563:
560:
558:
555:
553:
550:
548:
547:Friedman rule
545:
543:
540:
538:
535:
533:
530:
528:
525:
523:
520:
519:
512:
511:
503:
500:
498:
495:
493:
490:
488:
485:
483:
480:
478:
475:
473:
470:
468:
465:
463:
460:
458:
455:
454:
447:
446:
439:
436:
434:
431:
429:
426:
425:
419:
418:
411:
408:
406:
403:
401:
398:
396:
393:
392:
389:Organizations
386:
385:
378:
375:
373:
372:Neoliberalism
370:
368:
365:
364:
358:
357:
354:
349:
348:
344:
343:
335:
332:
328:
324:
320:
317:
313:
307:
304:
302:
299:
298:
296:
294:Contributions
292:
286:
285:Benjamin Moll
283:
281:
278:
276:
273:
271:
268:
266:
263:
261:
258:
254:
249:
246:
245:
243:
237:
231:
228:
226:
223:
222:
220:
214:
211:
208:
202:
196:
193:
191:
188:
187:
185:
181:
178:
175:
171:
166:
162:
158:
154:
148:
145:
120:
119:
117:
113:
109:
105:
101:
98:
94:
82:
78:
73:
56:
52:
48:Lucas in 1996
45:
40:
33:
30:
19:
6106:Janet Currie
6082:Janet Yellen
6076:Ben Bernanke
6016:Angus Deaton
5973:
5961:2001–present
5623:Frank Knight
5605:Paul Douglas
5551:Alvin Hansen
5497:Edwin F. Gay
5396:John H. Gray
5390:David Kinley
5232:Rosa Matzkin
5079:2001–present
5050:
4948:Marc Nerlove
4930:János Kornai
4895:Don Patinkin
4883:W. M. Gorman
4835:Robert Solow
4728:Charles Roos
4566:Neil Wallace
4545:
4536:Robert Barro
4352:
4308:
4102:Ben Bernanke
4091:Guido Imbens
4068:Paul Milgrom
4053:Esther Duflo
4006:Angus Deaton
3922:Paul Krugman
3825:2001–present
3762:
3591:Bertil Ohlin
3425:
3394:
3358:
3322:Liberty Fund
3311:
3294:Interview on
3273:
3234:
3203:
3181:. Retrieved
3167:
3155:. Retrieved
3152:Investopedia
3151:
3142:
3133:
3124:
3112:. Retrieved
3108:
3099:
3088:, retrieved
3066:
3056:
3032:
3013:
2996:
2984:. Retrieved
2979:
2970:
2944:
2927:
2894:
2890:
2863:. Retrieved
2859:
2850:
2838:. Retrieved
2825:
2815:December 10,
2813:. Retrieved
2800:
2790:December 10,
2788:. Retrieved
2775:
2763:. Retrieved
2750:
2740:December 10,
2738:. Retrieved
2734:
2725:
2700:
2689:
2677:. Retrieved
2667:
2662:
2652:
2635:10419/179646
2615:
2611:
2601:
2591:November 16,
2589:. Retrieved
2556:. Retrieved
2544:
2519:. Retrieved
2513:
2504:Roberts, Sam
2479:. Retrieved
2475:the original
2462:
2453:
2444:
2434:
2422:. Retrieved
2412:
2400:. Retrieved
2396:
2387:
2367:
2360:
2258:
2254:
2227:cite journal
2215:. Retrieved
2181:
2164:
2137:
2121:(2): 92–96.
2118:
2114:
2089:
2085:
2058:
2054:
2027:
2023:
2016:Bibliography
2011:
1995:Nancy Stokey
1992:
1985:
1973:
1966:
1959:
1932:
1903:
1872:
1854:
1831:
1812:
1790:
1780:
1769:
1739:
1738:
1614:Paul Krugman
1583:
1559:Hyman Minsky
1519:Alvin Hansen
1403:
1402:
1343:
1306:Econometrics
1283:Overshooting
1236:Harrod–Domar
1231:Arrow–Debreu
1178:Central bank
1145:Unemployment
1135:Supply shock
1093:Money supply
970:Disinflation
965:Demand shock
689:Free markets
650:Deregulation
615:expectations
587:Laffer curve
566:
491:
353:of economics
248:Marcel Boyer
147:Nancy Stokey
85:(2023-05-15)
83:May 15, 2023
29:
6133:2023 deaths
6128:1937 births
6100:Susan Athey
6022:Robert Hall
5915:Amartya Sen
5760:James Tobin
5557:Jacob Viner
5190:Eddie Dekel
5162: [
5105:Eric Maskin
5095: [
5092:Guy Laroque
5057:Jean Tirole
5005: [
4847:Herman Wold
4817:Henri Theil
4799:James Tobin
4712:(1944–1945)
4706:(1942–1943)
4700:(1940–1941)
4694:(1938–1939)
4688:(1936–1937)
4676:(1931–1934)
4584:Robert King
4518:Yves Younes
4504: [
4501:Guy Laroque
4438:Léon Walras
4162:Nobel Prize
4014:Oliver Hart
3998:Jean Tirole
3795:Amartya Sen
3631:James Tobin
3410:Jean Tirole
3289:IDEAS/RePEc
2941:Brunner, K.
2897:(1): 1–10.
2463:IDEAS/RePEc
2424:October 14,
2336:Lucas wedge
2261:(1): 1–51.
2092:(1): 3–42.
1976:Lucas Wedge
1836:in 1980, a
1494:Léon Walras
1388:Supply-side
1221:Accelerator
1130:Stagflation
1115:Price level
1010:Demand-pull
557:Game theory
327:Information
251: [
183:Institution
6122:Categories
6088:David Card
5202:Tim Besley
4889:Roy Radner
4859:Frank Hahn
4656:Presidents
4202:Literature
4083:David Card
4038:Paul Romer
3435:2002–2003
3196:References
2705:. London:
1951:Paul Romer
1549:John Hicks
1479:Adam Smith
1437:Circuitism
1427:Ecological
1415:Chartalism
1366:Monetarism
1344:Mainstream
1241:Solow–Swan
1216:Multiplier
1173:Commercial
1069:Endogenous
1027:Investment
764:Tax reform
694:Free trade
679:Fiat money
433:Monetarism
275:Paul Romer
123:Rita Cohen
64:1937-09-15
5794:1976–2000
5633:1951–1975
5472:1926–1950
5335:1901–1925
5288:1886–1900
4911:1976–2000
4750:1951–1975
4667:1931–1950
4594:John Long
4288:(Germany)
4215:(Ireland)
4171:Chemistry
4164:laureates
3574:1976–2000
3491:1969–1975
3480:Laureates
3427:President
3396:President
3297:Channel 4
2986:August 2,
2911:0347-0520
2707:Routledge
2553:0190-8286
2402:August 2,
2106:154875771
2063:CiteSeerX
2061:: 19–46.
2032:CiteSeerX
1647:Economics
1489:Karl Marx
1404:Heterodox
1383:Stockholm
1349:Keynesian
1120:Recession
1015:Cost-push
1005:Inflation
960:Deflation
492:Lucas Jr.
361:Movements
206:tradition
96:Education
4769:René Roy
4238:(Canada)
4187:(Mexico)
3045:Archived
3008:(1989).
2959:Archived
2697:(1999).
2669:EconTalk
2612:EconomiA
2285:See also
2217:April 9,
1840:and the
1631:See also
1410:Austrian
1168:Monetary
1157:Policies
988:Rational
983:Adaptive
909:a series
907:Part of
759:Tax cuts
515:Theories
241:students
239:Doctoral
216:Doctoral
156:Children
4658:of the
4247:Physics
3482:of the
3429:of the
3398:of the
3337:Awards
3324:. 2008.
3183:May 18,
3157:May 20,
3114:May 20,
3090:May 20,
2919:3440576
2865:May 20,
2840:May 18,
2765:May 18,
2679:May 18,
2644:2515932
2580:(ed.).
2558:May 20,
2521:May 17,
2481:May 21,
2275:6319313
2127:2006549
1803:Marxist
1652:Applied
1449:Marxian
1339:Schools
578:finance
502:Stigler
497:Schultz
422:Beliefs
218:advisor
142:
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115:Spouses
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1941:(with
1809:Career
1467:People
1195:Models
1163:Fiscal
1140:Saving
1000:Growth
611:choice
487:Knight
472:Sowell
457:Becker
450:People
321:(1995)
315:Awards
136:
74:, U.S.
5166:]
5099:]
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4353:1995
4222:Peace
4160:1995
3404:1997
3364:1995
3048:(PDF)
3041:(PDF)
2962:(PDF)
2939:. In
2937:(PDF)
2915:JSTOR
2352:Notes
2271:S2CID
2123:JSTOR
2102:S2CID
1821:) at
1817:(now
1288:NAIRU
1206:AD–AS
1201:IS–LM
1064:Money
633:Ideas
582:trade
467:Fogel
462:Coase
255:]
173:Field
132:(
128:
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2523:2023
2483:2023
2426:2008
2404:2017
2373:ISBN
2240:help
2219:2019
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2169:ISBN
2144:ISBN
1882:and
1797:and
1354:Neo-
1261:DSGE
955:CAGR
138:1959
80:Died
54:Born
3208:doi
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2899:doi
2630:hdl
2620:doi
2263:doi
2259:122
2206:doi
2094:doi
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2042:doi
1359:New
1103:SNA
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1047:GNI
1042:GDP
562:GDP
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329:at
108:PhD
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