When1: 1972
When2: 1987
Who: Robert Lucas, Jr. [Lucas, Jr., Robert]
What: economist
Where: USA
works\ Expectations and the Neutrality of Money [1972]; Econometric Policy Evaluation: A Critique [1976: Lucas critique]; Models of Business Cycles [1987]
Detail: He reintroduced representative agents. Government-policy, culture, or expectation changes can change relationships between economic variables, so some predictions using historical data are inaccurate {Lucas Critique}. He invented theory of Real Business Cycles, with Finn E. Kydland and Edward C. Prescott, based on John Muth's rational expectations hypothesis [1961].
Social Sciences>Economics>History>Microeconomics
6-Economics-History-Microeconomics
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Date Modified: 2022.0224