Robert Lucas Jr. Biography, Age, Weight, Height, Friend, Like, Affairs, Favourite, Birthdate & Other

Robert Lucas Jr.

This Biography is about one of the best Economist Robert Lucas Jr. including his Height, weight,Age & Other Detail…

Biography Of Robert Lucas Jr.
Real Name Robert Lucas Jr.
Profession Economists
Nick Name Robert Emerson Lucas Jr.
Famous as Economist
Nationality American
Personal Life of Robert Lucas Jr.
Born on 15 September 1937
Birthday 15th September
Age 79 Years
Sun Sign Virgo
Born in Yakima, Washington, USA
Family Background of Robert Lucas Jr.
Father Robert Emerson Lucas
Mother Jane Templeton
Siblings Jenepher, Peter, Daniel
Spouses/Partners Rita Cohen, Nancy Stokey
Children Stephen, Joseph
Awards Nobel Memorial Prize in Economic Sciences (1995)
Personal Fact of Robert Lucas Jr.

Robert Lucas Jr. is an American economist who received the Nobel Prize for developing the Theory of Rational Expectations. With this theory he explained how individual people take their own economic decisions based upon their past experiences disregarding the results forecast by national agencies depending on their monetary and fiscal policies.

He even questioned the macroeconomic policies of distinguished economists like John Maynard Keynes and the intervention of governments in domestic affairs trying to produce the desired results. According to the Philips curve a government could lower unemployment rates by increasing the level of inflation. It caused wages to rise sending out a signal to the unemployed that they would get generous wages if they get employed somehow. This causes the unemployment rate to go down which was challenged by Lucas as self defeating as the unemployed could not be fooled repeatedly.

He also declared that inflation would ultimately lead to more and more unemployment leading to rise in the rate of unemployed people in the country. He argued that instead of improving the situation, fiscal policies that try to manipulate the economy by creating false expectations may introduce more problems. He revolutionized the macroeconomic theory with his research work from 1970 to 2000 which helped other economists like Edward Prescott and Finn Kydland to win the Nobel in 2004.

This Biography Written By 7infi.com

 

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