Robert Lucas Jr.
Intellectuals & Academics

Robert Lucas Jr. Net Worth

Robert Lucas Jr. is an American economist who won the Nobel Prize for his development of the 'Theory of Rational Expectations'. This theory explains how individuals make economic decisions based on their past experiences, rather than relying on the results forecast by national agencies. Lucas challenged the macroeconomic policies of economists like John Maynard Keynes and the intervention of governments in domestic affairs, arguing that inflation would ultimately lead to more unemployment. His research from 1970 to 2000 revolutionized macroeconomic theory and helped other economists win the Nobel Prize in 2004.
Robert Lucas Jr. is a member of Intellectuals & Academics

Age, Biography and Wiki

Who is it? Economist
Birth Day September 15, 1937
Birth Place Yakima, Washington, USA, United States
Age 86 YEARS OLD
Birth Sign Libra
Institution Carnegie Mellon University University of Chicago
Field Macroeconomics
School or tradition New classical macroeconomics
Alma mater University of Chicago (BA, MA, PhD) University of California, Berkeley
Doctoral advisor Arnold Harberger H. Gregg Lewis
Doctoral students Marcel Boyer Costas Azariadis Jean-Pierre Danthine Boyan Jovanovic Paul Romer
Influences Milton Friedman John Muth Paul Anthony Samuelson
Contributions Rational expectations Lucas critique Behavioral Economics
Awards Nobel Memorial Prize in Economic Sciences (1995)

💰 Net worth

Robert Lucas Jr., a renowned economist from the United States, is projected to have a net worth ranging from $100,000 to $1 million in the year 2024. With an exceptional career in economics, Lucas Jr. has made significant contributions to the field and gained considerable recognition. As an influential figure in the economic sphere, his wealth reflects his expertise and accomplishments in various endeavors.

Biography/Timeline

1937

Lucas was born in 1937 in Yakima, Washington, and was the eldest child of Robert Emerson Lucas and Jane Templeton Lucas.

1959

Lucas received his B.A. in History in 1959 from the University of Chicago. While he was attending University of California, Berkeley as a graduate student in 1959, Lucas left Berkeley due to financial reasons and returned to Chicago in 1960, earning a Ph.D. in Economics in 1964. His dissertation “Substitution between Labor and Capital in U.S. Manufacturing: 1929–1958” was written under the supervision of Arnold Harberger and H. Gregg Lewis. Lucas studied economics for his Ph.D. on "quasi-Marxist" grounds. He believed that economics was the true driver of history, and so he planned to immerse himself fully in economics and then return to the history department.

1972

Lucas is well known for his investigations into the implications of the assumption of the rational expectations theory. Lucas (1972) incorporates the idea of rational expectations into a dynamic general equilibrium model. The agents in Lucas's model are rational: based on the available information, they form expectations about Future prices and quantities, and based on these expectations they act to maximize their expected lifetime utility. He also provided sound theory fundamental to Milton Friedman and Edmund Phelps's view of the long-run neutrality of money, and provide an explanation of the correlation between output and inflation, depicted by the Phillips curve.

1975

Following his graduation, Lucas taught at the Graduate School of Industrial Administration (now Tepper School of Business) at Carnegie Mellon University until 1975, when he returned to the University of Chicago.

1976

Lucas (1976) challenged the foundations of macroeconomic theory (previously dominated by the Keynesian economics approach), arguing that a macroeconomic model should be built as an aggregated version of microeconomic Models while noting that aggregation in the theoretical sense may not be possible within a given model. He developed the "Lucas critique" of economic policymaking, which holds that relationships that appear to hold in the economy, such as an apparent relationship between inflation and unemployment, could change in response to changes in economic policy. That led to the development of new classical macroeconomics and the drive towards microeconomic foundations for macroeconomic theory.

2003

In 2003, he stated, about 5 years before the Great Recession, that the “central Problem of depression-prevention has been solved, for all practical purposes, and has in fact been solved for many decades.”

2013

Lucas developed a theory of supply that suggests people can be tricked by unsystematic monetary policy; the Uzawa–Lucas model (with Hirofumi Uzawa) of human capital accumulation; and the "Lucas paradox", which considers why more capital does not flow from developed countries to developing countries. Lucas (1988) is a seminal contribution in the economic development and growth literature. Lucas and Paul Romer heralded the birth of endogenous growth theory and the resurgence of research on economic growth in the late 1980s and the 1990s.

Some Robert Lucas Jr. images

About the author

Lisa Scholfield

As a Senior Writer at Famous Net Worth, I spearhead an exceptional team dedicated to uncovering and sharing the stories of pioneering individuals. My passion for unearthing untold narratives drives me to delve deep into the essence of each subject, bringing forth a unique blend of factual accuracy and narrative allure. In orchestrating the editorial workflow, I am deeply involved in every step—from initial research to the final touches of publishing, ensuring each biography not only informs but also engages and inspires our readership.