Economist

Robert Lucas Jr

Robert Lucas Jr

Born:

Robert Lucas Jr is an American economist at the University of Chicago, born on September 15, 1937, In Washington, U.S

Family Background:

He is the son of Robert Emerson Lucas and Jane Templeton. He has one oldest sister and two younger sisters.

Personal Life:

In 1959, He married Rita Cohen, an undergraduate student at Chicago. They divorced in 1988. He has two sons from his marriage. Later, He married Nancy Stokey and co-operated with her in writing various papers on public finance, growth and monetary theories.

Education:

In 1955, He had joined the ‘Seattle Public Schools’ and graduated from the ‘Roosevelt High School’. He had attended the ‘University of Chicago’. In 1964, He did his doctorate on economics and obtained his Ph.D. degree from the ‘University of Chicago’

Career:

From 1963 to 1975, Robert Lucas Jr. had taught at the ‘Graduate School of Industrial Administration, now which is ‘Tepper School of Business’ at the Carnegie Mellon University. In 1975, He had returned to the ‘University of Chicago’ as a professor of economics. In 1976, He had developed the ‘Lucas critique’ which should be applied to economic policymaking. The analysis challenged the foundations of macroeconomic theory and explained the relationship between inflation and unemployment. In 1980, He had been made ‘John Dewey Distinguished Service Professor Emeritus in Economics’. He had developed a ‘theory of supply’ which implies that people can be deceived by irregular monetary policy. He had also developed the ‘Uzawa-Lucas Model’ in collaboration with Hirofumi Uzawa on the accumulation of capital by humans and the ‘Lucas Paradox’ which describes the reasons behind the small movement of capital from developed countries to developing countries. In 1997, He had served as the President of the ‘Econometric Society’ and as the President of the ‘American Economic Association’ in 2002. In 2003, He had declared that the problem of depression-prevention has been solved for decades.

Robert Lucas Jr

Unknown Facts:

  • Robert Emerson Lucas Jr. is his full name.

Master Stroke:

  • Robert Lucas Jr. is an American economist who had received the Nobel Prize for uncovering the ‘Theory of Rational Expectations’.

Awards and Achievements:

  • In 1975, Robert Lucas Jr. had been made a ‘Fellow of the Econometric Society’.
  • In 1980, He had become a member of the ‘American Academy of Arts and Sciences’.
  • In 1981 Lucas had been appointed as a member of the ‘National Academy of Sciences’.
  • In 1995, He had been awarded the Nobel Prize in Economics.

What can we learn from him??

Like Robert Lucas Jr, Do your work calmly. Always ready to learn something new.

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