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The Nobel Prize winner, Robert Lucas, has passed away

Politiko 2023-05-21 08:21:36

The Nobel Prize winner, Robert Lucas, has passed away

Nobel laureate in economics, Robert Lucas, has passed away at the age of 85.

The announcement was made by the University of Chicago, where he began teaching as a professor in 1975 and remained a professor until his death.

In awarding the 1995 Nobel Prize in Economics to Professor Lucas, the fifth economics laureate at the University of Chicago in six years, the Royal Swedish Academy of Sciences described him as "the economist who has had the greatest impact on macroeconomic research since 1970". .

His work, which became popular in the mid-1970s, challenged John Maynard Keynes' conclusions in macroeconomics about the effectiveness of government intervention in economic affairs. Lucas challenged the assumptions behind the Phillips curve, which was thought to show that a government could reduce the unemployment rate by increasing inflation.

Lucas attended the University of Chicago, earning degrees in history (AB, 1959) and economics (Ph.D., 1964). He taught at Carnegie Mellon University from 1963 to 1974 before returning to Chicago to become a professor of economics in 1975.

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