Robert Lucas Jr. Quotes

1937–2023 United States

Robert Emerson Lucas, Jr. (September 15, 1937 – May 15, 2023) was an American economist at the University of Chicago, who received the Nobel Prize in Economics in 1995. He is widely regarded as the central figure in the development of the new classical approach to macroeconomics.

United States
Academics
Economists
Nobel laureates

Also known as: Lucas Jr., Robert, Robert E. Lucas, Robert E. Lucas Jr., Robert E. Lucas, Jr., Robert Lucas, Jr., Robert lucas, jr

Random Robert Lucas Jr. quote

3 quotes

I guess everyone is a Keynesian in a foxhole.

to Justin Fox, quoted in Bob Lucas on the comeback of Keynesianism (2008)

A key element in all Keynesian models is a ‘trade-off between inflation and real output: the higher is the inflation rate; the higher is output (or equivalently, the lower is the rate of unemployment).

For policy, the central fact is that Keynesian policy recommendations have no sounder basis, in a scientific sense, than recommendations of non-Keynesian economists or, for that matter, non-economists.

Attribution

Quotes and notes from Wikiquote: Robert Lucas Jr. (page history), available under CC BY-SA 4.0.