“He was certainly the most influential macroeconomist of the last 50 years,” writes Olivier Blanchard on Twitter, paying tribute to Robert Lucas, the economist who received a Nobel Prize in 1995 and who pioneered the Theory of Rational Expectations (in a article from 1972), a landmark in the discipline that questions the effectiveness of government intervention in the economy.
RIP Bob Lucas. Certainly the most influential macro-economist of the last 50 years. A perfect example of destructive creation: He made our intellectual lives more difficult, but much more exciting. Bob: Thank you very much.
– Olivier Blanchard (@ojblanchard1) May 15, 2023
The theme theorizes on how economic actors focus on the influence of employment, real wages and inflation and other cyclical data and forecasts to shape future policies and decisions, ultimately influencing their own expectations and the outcome of actions.
Professor at the University of Chicago and one of the economists who signed the petition to the US government not to bail out the banks during the 2008 financial crisis, Bob Lucas was awarded the maximum economic award for the work he did during his active life has developed.
“A perfect example of destructive creation, he has made our intellectual life much more complicated, but much more exciting,” Olivier Blanchard described in a tweet thanking the economist for his life’s work.
Source: DN
