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Journal of Economic Perspectives: Vol. 12 No. 1 (Winter 1998)
JEP Volume. 12, Issue 1 | 
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Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics
Article Citation
Chari, V V. 1998. "Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics."
Journal of Economic Perspectives,
12(1): 171-186.
DOI: 10.1257/jep.12.1.171
DOI: 10.1257/jep.12.1.171
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.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Chari, V. V. (U MN and Federal Reserve Bank of Minneapolis)
JEL Classifications
B31: History of Thought: Individuals
B22: History of Thought: Macroeconomics
B22: History of Thought: Macroeconomics
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