Robert Lucas Jr. - Economists, Birthday and Life

Home  ›  American  ›  Robert Lucas Jr.September 15, 1937104 views

0.0 based on 0 rates

Robert Lucas Jr.'s Personal Details

Robert Lucas Jr

InformationDetail
BirthdaySeptember 15, 1937
NationalityAmerican
FamousIntellectuals & Academics, Economists
SpousesNancy Stokey, Rita Cohen
SiblingsDaniel, Jenepher, Peter
Known asRobert Emerson Lucas Jr.
Childrens Joseph, Stephen
Birth PlaceYakima, Washington, USA
GenderMale
FatherRobert Emerson Lucas
MotherJane Templeton
Sun SignVirgo
Born inYakima, Washington, USA
Famous asEconomist

// Famous Intellectuals & Academics

Robert Lucas Jr.'s photo

Who is Robert Lucas Jr.?

Robert Lucas Jr. is an American economist who received the Nobel Prize for developing the ‘Theory of Rational Expectations’. With this theory he explained how individual people take their own economic decisions based upon their past experiences disregarding the results forecast by national agencies depending on their monetary and fiscal policies. He even questioned the macroeconomic policies of distinguished economists like John Maynard Keynes and the intervention of governments in domestic affairs trying to produce the desired results. According to the ‘Philips curve’ a government could lower unemployment rates by increasing the level of inflation. It caused wages to rise sending out a signal to the unemployed that they would get generous wages if they get employed somehow. This causes the unemployment rate to go down which was challenged by Lucas as self defeating as the unemployed could not be fooled repeatedly. He also declared that inflation would ultimately lead to more and more unemployment leading to rise in the rate of unemployed people in the country. He argued that instead of improving the situation, fiscal policies that try to manipulate the economy by creating false expectations may introduce more problems. He revolutionized the macroeconomic theory with his research work from 1970 to 2000 which helped other economists like Edward Prescott and Finn Kydland to win the Nobel in 2004.

// Famous Economists

Childhood & Early Life

Robert Lucas Jr. was born Robert Emerson Lucas Jr. in Yakima, Washington, US on September 15, 1937.

He is the oldest child of Robert Emerson Lucas and Jane Templeton. He has a younger sister named Jenepher and two younger brothers named Peter and Daniel.

His parents had a small restaurant named ‘The Lucas Ice Creamery’ in Yakima which had to be shutdown due to the economic recession during 1937 and 1938.

During the Second World War his parents moved to Seattle where he father found work as a welder in a commercial refrigeration company and his mother went back to being a fashion artist.

He joined the ‘Seattle Public Schools’ and graduated from the ‘Roosevelt High School’ in 1955.

He was good in mathematics and science subjects and was expected to become an engineer after joining the ‘University of Washington’ at Seattle.

At the age of seventeen his aspirations of becoming an engineer ended when MIT refused to award him a scholarship. The ‘University of Chicago’ offered him one but it did not have any engineering school.

He attended the ‘University of Chicago’ and took mathematics as a major subject. Soon he lost interest in mathematics as most of the things in the course were those that he had already learnt during high school. He was not prepared to take up Physics as a major subject as was the custom for good students in ‘Chicago University’ in those days. Instead he majored in Ancient History and obtained his bachelor’s degree in 1959.

He obtained a ‘Woodraw Wilson Doctoral Fellowship’ and joined the graduate program in History at the ‘University of California’ at Berkeley. He changed over to Economic History after becoming interested in the economic life which went on even after political disruptions. He wanted to study more of economics but was unable to get any financial support from the ‘Economics Department’ in Berkeley.

He returned to Chicago and enrolled in some undergraduate and graduate courses to prepare himself for the graduate course in Economics beginning next fall.

He did his doctorate on economics and obtained his PhD degree from the ‘University of Chicago’ in 1964.

Career

Robert Lucas Jr. taught at the ‘Graduate School of Industrial Administration, now called the ‘Tepper School of Business’ at the Carnegie Mellon University from 1963 to 1975.

In 1972 he developed a model which had the expectations of future prices and quantities incorporated into it. He also provided an explanation for the relationship between output and inflation which had been depicted by the ‘Philips curve’ earlier.

He returned to the ‘University of Chicago’ in 1975 as a professor of economics.

In 1976 he developed the ‘Lucas critique’ which should be applied to economic policy making. The critique challenged the foundations of macroeconomic theory and explained the relationship between inflation and unemployment.

In 1980 he was made a ‘John Dewey Distinguished Service Professor Emeritus in Economics’.

He developed a ‘theory of supply’ which suggests that people can be tricked by unsystematic monetary policy. He also developed the ‘Uzawa-Lucas Model’ in collaboration with Hirofumi Uzawa on the accumulation of capital by humans and the ‘Lucas Paradox’ which explains the reasons behind the small flow of capital from developed countries to developing countries.

During the late 1980s and 1990s along with Paul Romer he forecasted the birth of ‘endogenous growth theory’ and increased research on economic growth.

He also contributed to behavioral economics which helped to understand the deviations occurring to the ‘law of one price’ due to the irrationality of investors.

He served as the President of the ‘Econometric Society’ in 1997 and as the President of the ‘American Economic Association’ in 2002.

In 2003 he proclaimed that the problem of depression prevention has been solved for decades.

Major Works

Robert Lucas Jr. published a collection of his research work titled ‘Studies in Business-Cycle Theory’ in 1981.

In 1987 he published an overview of the ‘economic theory’ in his book named ‘Models of Business’.

He also edited and co-edited several journals on economics and published his collection of writings the book ‘Lectures on Economic Growth’ in 2001.

Awards & Achievements

Robert Lucas Jr. was made a ‘Fellow of the Econometric Society’ in 1975.

He became a member of the ‘American Academy of Arts and Sciences’ in 1980.

In 1981 Lucas was appointed as a member of the ‘National Academy of Sciences’.

He was awarded the Nobel Prize in Economics in 1995.

Personal Life & Legacy

Robert Lucas Jr. married Rita Cohen, an undergraduate student at Chicago, in August 1959, and separated from her in 1982. He divorced her in 1988. He has two sons from the marriage named Stephen and Joseph.

In 1982 he married Nancy Stokey and collaborated with her in writing various papers on public finance, growth and monetary theories.

Trivia

Robert Lucas Jr. is regarded as the greatest macroeconomist of the century.

// Virgo Celebrities

Robert Lucas Jr. awards

YearNameAward

Other

Nobel Memorial Prize in Economic Sciences (1995)

Robert Lucas Jr. biography timelines

  • // 1937 To 1938
    His parents had a small restaurant named ‘The Lucas Ice Creamery’ in Yakima which had to be shutdown due to the economic recession during 1937 and 1938.
  • // 15th Sep 1937
    Robert Lucas Jr. was born Robert Emerson Lucas Jr. in Yakima, Washington, US on September 15, 1937.
  • // 1955
    He joined the ‘Seattle Public Schools’ and graduated from the ‘Roosevelt High School’ in 1955.
  • // 1959
    He attended the ‘University of Chicago’ and took mathematics as a major subject. Soon he lost interest in mathematics as most of the things in the course were those that he had already learnt during high school. He was not prepared to take up Physics as a major subject as was the custom for good students in ‘Chicago University’ in those days. Instead he majored in Ancient History and obtained his bachelor’s degree in 1959.
  • // 1963 To 1975
    Robert Lucas Jr. taught at the ‘Graduate School of Industrial Administration, now called the ‘Tepper School of Business’ at the Carnegie Mellon University from 1963 to 1975.
  • // 1964
    He did his doctorate on economics and obtained his PhD degree from the ‘University of Chicago’ in 1964.
  • // 1972
    In 1972 he developed a model which had the expectations of future prices and quantities incorporated into it. He also provided an explanation for the relationship between output and inflation which had been depicted by the ‘Philips curve’ earlier.
  • // 1975
    He returned to the ‘University of Chicago’ in 1975 as a professor of economics.
  • // 1975
    Robert Lucas Jr. was made a ‘Fellow of the Econometric Society’ in 1975.
  • // 1976
    In 1976 he developed the ‘Lucas critique’ which should be applied to economic policy making. The critique challenged the foundations of macroeconomic theory and explained the relationship between inflation and unemployment.
  • // 1980
    In 1980 he was made a ‘John Dewey Distinguished Service Professor Emeritus in Economics’.
  • // 1980
    He became a member of the ‘American Academy of Arts and Sciences’ in 1980.
  • // 1981
    Robert Lucas Jr. published a collection of his research work titled ‘Studies in Business-Cycle Theory’ in 1981.
  • // 1981
    In 1981 Lucas was appointed as a member of the ‘National Academy of Sciences’.
  • // 1982
    In 1982 he married Nancy Stokey and collaborated with her in writing various papers on public finance, growth and monetary theories.
  • // 1987
    In 1987 he published an overview of the ‘economic theory’ in his book named ‘Models of Business’.
  • // 1995
    He was awarded the Nobel Prize in Economics in 1995.
  • // 1997 To 2002
    He served as the President of the ‘Econometric Society’ in 1997 and as the President of the ‘American Economic Association’ in 2002.
  • // 2001
    He also edited and co-edited several journals on economics and published his collection of writings the book ‘Lectures on Economic Growth’ in 2001.
  • // 2003
    In 2003 he proclaimed that the problem of depression prevention has been solved for decades.

// Famous American

Robert Lucas Jr.'s FAQ

  • What is Robert Lucas Jr. birthday?

    Robert Lucas Jr. was born at 1937-09-15

  • Where is Robert Lucas Jr.'s birth place?

    Robert Lucas Jr. was born in Yakima, Washington, USA

  • What is Robert Lucas Jr. nationalities?

    Robert Lucas Jr.'s nationalities is American

  • Who is Robert Lucas Jr. spouses?

    Robert Lucas Jr.'s spouses is Nancy Stokey, Rita Cohen

  • Who is Robert Lucas Jr. siblings?

    Robert Lucas Jr.'s siblings is Daniel, Jenepher, Peter

  • Who is Robert Lucas Jr. childrens?

    Robert Lucas Jr.'s childrens is Joseph, Stephen

  • Who is Robert Lucas Jr.'s father?

    Robert Lucas Jr.'s father is Robert Emerson Lucas

  • Who is Robert Lucas Jr.'s mother?

    Robert Lucas Jr.'s mother is Jane Templeton

  • What is Robert Lucas Jr.'s sun sign?

    Robert Lucas Jr. is Virgo

  • How famous is Robert Lucas Jr.?

    Robert Lucas Jr. is famouse as Economist