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Nobel Laureate Robert E. Lucas, Jr.: Architect of Modern Macroeconomics

V. V Chari
1998 Journal of Economic Perspectives  
In 1995, Robert E. Lucas, Jr., was awarded the Nobel Prize in Economic Sciences. This review places Lucas' work in a historical context and evaluates the effect of this work on the economics profession. Lucas' 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
more » ... reat theorists of an earlier generation could only speculate. This sea change is due primarily to Lucas.
doi:10.1257/jep.12.1.171 fatcat:kzpgyyko6bhrrp42xe3bmijbka