When was Robert Lucas Jr. born and where did he grow up?
Robert Lucas Jr. was born on the 15th of September 1937 in Yakima, Washington. His family moved to Seattle after their ice creamery business failed during the Great Depression.
Questions about Robert Lucas Jr.
Short answers, pulled from the story.
What is the Lucas critique of economic policymaking and when did it emerge?
The Lucas critique emerged in 1976 when Robert Lucas Jr. challenged Keynesian macroeconomic theory. He argued that macroeconomic models must be built as aggregated versions of microeconomic models because relationships change with policy shifts.
Why did Robert Lucas Jr. receive the Nobel Memorial Prize in Economic Sciences in 1995?
Robert Lucas Jr. received the Nobel Memorial Prize in Economic Sciences in 1995 for developing and applying the hypothesis of rational expectations. This work transformed macroeconomic analysis and deepened understanding of economic policy.
How did Robert Lucas Jr. influence endogenous growth theory and human capital accumulation?
Robert Lucas Jr. collaborated with Hirofumi Uzawa on a model of human capital accumulation and worked with Paul Romer to herald the birth of endogenous growth theory. Their research resurged interest in economic development and growth literature during the late 1980s and 1990s.
When did Robert Lucas Jr. die and what were his family circumstances regarding his Nobel prize?
Robert Lucas Jr. died in Chicago on the 15th of May 2023 at age 85. His first wife Rita Cohen was entitled to half of his Nobel prize winnings under their divorce stipulation, which was met when the award arrived before the 31st of October 1995.