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Robert E. Lucas' Economic Philolosophy

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Who was Robert E. Lucas, Jr and what was his economic philosophy?

What is the Lucas Critique, and how does it relate to his philosophy?

How did Lucas contribute to the development of the Keynesian economics?

What was his concern with economic growth and development?

Did he focused on USA economics only or did he also focused the economics of other countries?

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Solution Summary

This solution provides information regarding world renowned economist, Robert E. Lucas. Information discussed in this solution highlights Lucas' achievements, economical contributions, role in Keynesian economics, and Lucas' economic growth and development policies. This solution also provides detailed website and article references for further topic examination.

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Who was Robert E. Lucas, Jr. and what was his economic philosophy? 

Robert E. Lucas, Jr. is a famous economy, who is associated with the University of Chicago. Lucas maintained fame by developing various theories, while debating the legitimacy of others. Lucas' first famous theory is the monetary theory, which suggests, "That different monetary policies can benefit nations depending on their unique set of resources and limitations" (http://www.investopedia.com/terms/m/monetary_theory.asp). Essentially, what this relates to is that depending on a nation's economic conditions, the policies set forth can either help or hinder an economy. So a policy of consideration could be taxation... It can assist the economy or hinder it.

Additionally, another very made famous by Lucas was the Theory of Rational Expectations. This theory stated that individual's outlook on the future influence long-term economic outcomes. It is important to note that while the Monetary Theory and Theory of Rational Expectations are ...

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