Robert Lucas, Jr.
Overview
Yakima, Washington
Yakima is an American city southeast of Mount Rainier National Park and the county seat of Yakima County, Washington, United States, and the eighth largest city by population in the state itself. As of the 2010 census, the city had a total population of 91,196 and a metropolitan population of...
) is an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
at the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
. He received the Nobel Prize in Economics in 1995 and is consistently indexed among the top 10 economists in the Research Papers in Economics rankings. He is married to economist Nancy Stokey
Nancy Stokey
Nancy Laura Stokey is the Frederick Henry Prince Distinguished Service Professor of Economics at the University of Chicago. She has earned her BA in economics from the University of Pennsylvania in 1972 and her PhD from Harvard University in 1978, her thesis advisor being Nobel Prize in Economics...
.
He received his B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in History
History
History is the discovery, collection, organization, and presentation of information about past events. History can also mean the period of time after writing was invented. Scholars who write about history are called historians...
in 1959 and Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in 1964, both from the University of Chicago. He taught at the Graduate School of Industrial Administration (now Tepper School of Business
Tepper School of Business
The Tepper School of Business is a private business school located on Carnegie Mellon University’s campus in Pittsburgh, Pennsylvania, USA.The school consistently ranks highly among the top business schools in the U.S., as well as in a wide range of specializations, such as finance,...
) at Carnegie Mellon University
Carnegie Mellon University
Carnegie Mellon University is a private research university in Pittsburgh, Pennsylvania, United States....
until 1975, when he returned to the University of Chicago.
One of the most influential economists since the 1970s, he challenged the foundations of macroeconomic theory (previously dominated by the Keynesian economics
Keynesian economics
Keynesian economics is a school of macroeconomic thought based on the ideas of 20th-century English economist John Maynard Keynes.Keynesian economics argues that private sector decisions sometimes lead to inefficient macroeconomic outcomes and, therefore, advocates active policy responses by the...
approach), arguing that a macroeconomic model should be built as an aggregated version of microeconomic models
Microfoundations
In economics, the term microfoundations refers to the microeconomic analysis of the behavior of individual agents such as households or firms that underpins a macroeconomic theory....
(while noting that aggregation in the theoretical sense may not be possible within a given model).