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Robert E. Lucas And The Great Depression

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Robert E. Lucas Jr. was born on September 15, 1937 in Yakima Washington to Robert and Jane Lucas. In 1959 Lucas obtained a Bachelor’s Degree in History at the University of Chicago. A few years later in 1964 Lucas also went on to receive his Ph.D. in Economics from the University of Chicago. He is a central theme figure at the Southern Workshop in Macroeconomics, assembled by the Department of Economics. Robert Jr Lucas, instruct and share some of his skills at Carnegie Mellon University through 1963 and 1974 before becoming a faculty member of the University of Chicago in 1975, where he was known for his “rational expectations to Hypothesis to Macroeconomics and other fields”, which brought transparency and stability to the macroeconomics business cycle during through 1960, and 1970. Robert Lucas Jr’s contributions have had monumental effects on the way we view Macroeconomics today. Lucas insinuated that people make monetary and economical decisions based on experience and predictable expectation. In addition, Lucas Jr., shared his point of …show more content…

During the Great Depression jobs rate went down dramatically and families and individuals were not working as much as they want to due to the low wages and because there was an employment fluctuation. During World War II, wages went up temporarily due the war and the high labor demand. Another factor caused the employment fluctuations and inflection was the length of the Great Depression. Lucas Jr., Robert, is one of the famous and well-known economist pioneer for his numerous contributions and impact to macroeconomics and macro econometrics during 1970. Part of Lucas success in macroeconomics and other contribution is owe to Thomas Sargent, who’s worked together on several important papers such as “Influential inconsistencies in

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