Robert E. Lucas Jr., Nobel-Winning Conservative
Economist, Dies at 85
https://www.nytimes.com/2023/05/17/business/economy/robert-e-lucas-jr-dead.html
Challenging the theories of John Maynard Keynes, he questioned the idea that government intervention could help steer the economy.
https://www.nytimes.com/2023/05/17/business/economy/robert-e-lucas-jr-dead.html
Challenging the theories of John Maynard Keynes, he questioned the idea that government intervention could help steer the economy.
Robert E. Lucas Jr. Brought Rationality to
Macroeconomics
https://www.wsj.com/articles/he-brought-rationality-to-macroeconomics-robert-lucas-models-growth-rip-chicago-667fcb27
https://www.nobelprize.org/prizes/economic-sciences/1995/advanced-information/
The Industrial Revolution: Past and Future by
Robert Lucas
https://www.minneapolisfed.org/article/2004/the-industrial-revolution-past-and-future
https://www.wsj.com/articles/he-brought-rationality-to-macroeconomics-robert-lucas-models-growth-rip-chicago-667fcb27
https://www.nobelprize.org/prizes/economic-sciences/1995/advanced-information/
https://www.minneapolisfed.org/article/2004/the-industrial-revolution-past-and-future
Noah Smith on Robert Lucas
https://www.noahpinion.blog/p/thus-passes-robert-lucas
Freshwater versus Saltwater Controversies:
https://www.nytimes.com/2009/09/06/magazine/06Economic-t.html
Krugman:
In the 1970s the leading freshwater macroeconomist, the Nobel laureate Robert Lucas, argued that recessions were caused by temporary confusion: workers and companies had trouble distinguishing overall changes in the level of prices because of inflation or deflation from changes in their own particular business situation. And Lucas warned that any attempt to fight the business cycle would be counterproductive: activist policies, he argued, would just add to the confusion.
Is Freshwater Skepticism on Fiscal Multipliers
Rooted in Theory?
https://www.jstor.org/stable/24696332
Reacting to the Lucas Critique: The
Keynesians’ Replies
https://doi.org/10.1215/00182702-7551912
https://www.noahpinion.blog/p/thus-passes-robert-lucas
https://www.nytimes.com/2009/09/06/magazine/06Economic-t.html
Krugman:
In the 1970s the leading freshwater macroeconomist, the Nobel laureate Robert Lucas, argued that recessions were caused by temporary confusion: workers and companies had trouble distinguishing overall changes in the level of prices because of inflation or deflation from changes in their own particular business situation. And Lucas warned that any attempt to fight the business cycle would be counterproductive: activist policies, he argued, would just add to the confusion.
https://www.jstor.org/stable/24696332
https://doi.org/10.1215/00182702-7551912