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Journal of Economic Perspectives: Vol. 12 No. 1 (Winter 1998)

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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

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.

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Authors

Chari, V. V. (U MN and Federal Reserve Bank of Minneapolis)

JEL Classifications

B31: History of Thought: Individuals
B22: History of Thought: Macroeconomics

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