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Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

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

  • V. V. Chari
Journal of Economic Perspectives
vol. 12, no. 1, Winter 1998
(pp. 171–186)
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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.

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

JEL Classification

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