Robert Lucas Obituary, Death – was a prominent economist at the University of Chicago who came from the United States. He is widely regarded as the central figure in the development of the new classical approach to macroeconomics.
In 1995, he was awarded the Nobel Prize in Economics “for having developed and applied the hypothesis of rational expectations, and thus having transformed macroeconomic analysis and deepened our understanding of economic policy.” This was in recognition of the fact that he had “transformed macroeconomic analysis and deepened our understanding of economic policy.” The author N. Gregory Mankiw referred to him as “the most influential macroeconomist of the last quarter of the 20th century.” As of the year 2020, he held the position of the eleventh most mentioned economist in the entire world.
Lucas was the first child to be born to Robert Emerson Lucas and Jane Templeton Lucas, and he was born on September 15, 1937 in Yakima, Washington. He was the eldest of their children. In 1959, Lucas attended the University of Chicago to earn his Bachelor of Arts degree in History. In his first year of graduate school, Lucas was enrolled at the University of California, Berkeley. However, due to financial constraints, he had to leave Berkeley and return to Chicago in 1960.
In 1964, he received his doctorate in economics from the University of Chicago. It was H. Gregg Lewis and Dale Jorgenson that oversaw the writing of his dissertation, which was titled “Substitution between Labor and Capital in U.S. Manufacturing: 1929–1958.” For his doctoral dissertation, Lucas chose to research “quasi-Marxist” economic theory. Since he was of the opinion that economics was the real force behind historical events, he intended to first become thoroughly educated in economics before going back to work in the history department.
After receiving his degree, George Lucas began his teaching career at Carnegie Mellon University’s Graduate School of Industrial Administration, which is now known as the Tepper School of Business. He remained there until 1975 when he accepted a position at the University of Chicago. In 1980, Lucas was inducted into the American Academy of Arts and Sciences. The following year, he was inducted into the National Academy of Sciences, and in 1997, he was inducted into the American Philosophical Society.
Following the conclusion of his marriage to Rita Cohen, he wed Nancy Stokey. The two individuals contributed to published works together, including articles on growth theory, public finance, and monetary theory. Stephen, who was born in 1960, and Joseph, who was born in 1966, were Lucas and Cohen’s two boys. The Rubenstein Library at Duke University, where he attended, is home to a collection of his personal papers.