Robert E. Lucas Jr.

AAA

DEFINITION of 'Robert E. Lucas Jr.'

An American economist who won the 1995 Nobel Memorial Prize in Economic Sciences for his research on rational expectations. Lucas Jr. was heavily influenced by Milton Friedman and Arnold Harberger, among others. Lucas Jr. contributed to the development of New Keynesian economics and developed the Lucas Critique that showed how macroeconometric models could easily become useless. His research areas have included macroeconomics, economic growth and development economics.

INVESTOPEDIA EXPLAINS 'Robert E. Lucas Jr.'

Lucas Jr. was born in Washington in 1937, and earned his Ph.D. in economics from the University of Chicago. He began his teaching career at Carnegie-Mellon and later accepted a position at the University of Chicago.

RELATED TERMS
  1. Keynesian Economics

    An economic theory of total spending in the economy and its effects ...
  2. Milton Friedman

    An American economist and statistician best known for his strong ...
  3. Microeconomics

    The branch of economics that analyzes the market behavior of ...
  4. Rational Expectations Theory

    An economic idea that the people in the economy make choices ...
  5. Market Economy

    An economic system in which economic decisions and the pricing ...
  6. Neoclassical Economics

    An approach to economics that relates supply and demand to an ...
Related Articles
  1. How Influential Economists Changed Our ...
    Fundamental Analysis

    How Influential Economists Changed Our ...

  2. The Austrian School Of Economics
    Economics

    The Austrian School Of Economics

  3. The Uncertainty Of Economics: Exploring ...
    Economics

    The Uncertainty Of Economics: Exploring ...

  4. Why Can't Economists Agree?
    Economics

    Why Can't Economists Agree?

comments powered by Disqus
Hot Definitions
  1. Last In, First Out - LIFO

    An asset-management and valuation method that assumes that assets produced or acquired last are the ones that are used, sold ...
  2. Ghosting

    An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. ...
  3. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  4. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  5. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  6. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
Trading Center