Robert Lucas Jr.
A Nobel laureate who developed rational expectations theory, profoundly influencing macroeconomics and policy analysis.
Quotes by Robert Lucas Jr.
The problem of economic growth is the most important problem in economics.
The 'Lucas Critique' is a reminder that economic models are not static.
The idea of rational expectations is that people learn from their mistakes.
The challenge for economists is to build models that are consistent with the data.
The most important thing is to be open to new ideas.
The rational expectations hypothesis is a powerful tool for analyzing the effects of uncertainty.
The problem of economic development is a problem of understanding the sources of productivity growth.
The 'Lucas Critique' is a call for more rigorous economic modeling.
The idea of rational expectations is that people anticipate the effects of policy.
The challenge for macroeconomics is to provide a coherent explanation for the business cycle.
The most important thing is to be intellectually honest.
The main lesson we should take away from the '70s is that when you think it's a recession, it is.
Economic theory has many uses - from explaining prices to guiding policy - but it is not a crystal ball.
Rational expectations imply that people learn from past mistakes and adjust their behavior accordingly.
Inflation is always and everywhere a monetary phenomenon.
The central problem of depression-prevention has been solved, for all practical purposes.
Macroeconomics was founded as a way of looking at the world that made the Great Depression a historical curiosity.
Once one is willing to accept ex ante identical individuals, it is but a short step to accepting the view that society should be regarded as a collection of identical individuals.
Forecasting is a mug's game.
The consequences for human welfare involved in questions like these are simply staggering.