Robert Lucas Jr.

I've always believed that good theory precedes good data analysis.

Aphorism: Economists do it with models.

The rational expectations revolution changed how we think about policy.

In letters to friends, I often say economics is the study of scarcity in human affairs.

Retirement? I'd rather keep thinking about cycles.

Keynesian economics was a necessary step, but we've moved beyond it.

Life's meaning for me is in the pursuit of truth through economic inquiry.

Joke: Why did the economist cross the road? To rationalize the other side.

From my Nobel speech: The work of economic theorists is to understand the world as it is.

Supply-side economics isn't voodoo; it's about incentives.

In correspondence, I wrote: Models must be tested against reality, not just elegance.

The euro crisis highlights the dangers of monetary union without fiscal unity.

Wisdom from experience: Never trust a forecast further than you can throw it.

Art and economics both deal with value and exchange.

Comeback in debate: Your model assumes too much; mine assumes just enough.

Personal note: Teaching economics has been my greatest joy.

The impossibility of rational policy in dynamic settings is a profound insight.

In interviews, I reflect: The field progresses by challenging orthodoxy.

Last words in a sense: Keep questioning assumptions; that's how we advance.

Humor: Economists are like dentists - we work on your nerves.