Lucas, Robert E., Jr.

Lucas, Robert E., Jr.

(1937–  ) economist; born in Yakima, Wash. He was a professor of economics at Carnegie Mellon (1970–74) before joining the faculty at the University of Chicago (1974). He was a supporter of the rational expectations theory, which concludes that because expectations of economic agents are "rational," monetary and fiscal policy only affect output and unemployment for a short time.
The Cambridge Dictionary of American Biography, by John S. Bowman. Copyright © Cambridge University Press 1995. Reproduced with permission.