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Robert Lucas Jr.
Robert Emerson Lucas Jr. (September 15, 1937 – May 15, 2023) was an American economist at the University of Chicago. Widely regarded as the central figure in the development of the New classical macroeconomics, new classical approach to macroeconomics, he received the Nobel Memorial Prize in Economic Sciences in 1995 "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy". N. Gregory Mankiw characterized him as "the most influential macroeconomist of the last quarter of the 20th century". In 2020, he ranked as the 10th most cited economist in the world. Early life and education Lucas was born on September 15, 1937, in Yakima, Washington, as the eldest child of Robert Emerson Lucas and Jane Templeton Lucas. His parents ran an ice creamery in Yakima. After the business failed during the Great Depression, the family moved to Seattle. His mother worked as a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Classical Macroeconomics
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of foundations based on microeconomics, especially rational expectations. New classical macroeconomics strives to provide neoclassical microeconomic foundations for macroeconomic analysis. This is in contrast with its rival new Keynesian school that uses microfoundations, such as price stickiness and imperfect competition, to generate macroeconomic models similar to earlier, Keynesian ones. History Classical economics is the term used for the first modern school of economics. The publication of Adam Smith's ''The Wealth of Nations'' in 1776 is considered to be the birth of the school. Perhaps the central idea behind it is on the ability of the market to be self-correcting as well as being the most superior institution in allocating resources. The cen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rational Expectations
Rational expectations is an economic theory that seeks to infer the macroeconomic consequences of individuals' decisions based on all available knowledge. It assumes that individuals' actions are based on the best available economic theory and information. History The concept of rational expectations was first introduced by John F. Muth in his paper "Rational Expectations and the Theory of Price Movements" published in 1961. Robert Lucas and Thomas Sargent further developed the theory in the 1970s and 1980s which became seminal works on the topic and were widely used in microeconomics. Significant Findings Muth’s work introduces the concept of rational expectations and discusses its implications for economic theory. He argues that individuals are rational and use all available information to make unbiased, informed predictions about the future. This means that individuals do not make systematic errors in their predictions and that their predictions are not biased by past er ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Routledge
Routledge ( ) is a British multinational corporation, multinational publisher. It was founded in 1836 by George Routledge, and specialises in providing academic books, academic journals, journals and online resources in the fields of the humanities, behavioral science, behavioural science, education, law, and social science. The company publishes approximately 1,800 journals and 5,000 new books each year and their backlist encompasses over 140,000 titles. Routledge is claimed to be the largest global academic publisher within humanities and social sciences. In 1998, Routledge became a subdivision and Imprint (trade name), imprint of its former rival, Taylor & Francis, Taylor & Francis Group (T&F), as a result of a £90-million acquisition deal from Cinven, a venture capital group which had purchased it two years previously for £25 million. Following the merger of Informa and T&F in 2004, Routledge became a publishing unit and major imprint within the Informa "academic publishing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tepper School Of Business
The Tepper School of Business is the business school of Carnegie Mellon University. It is located in the university's campus in Pittsburgh, Pennsylvania. The school offers degrees from the undergraduate through doctoral levels, in addition to executive education programs. The Tepper School of Business, originally known as the Graduate School of Industrial Administration (GSIA), was founded in 1949 by William Larimer Mellon Sr., William Larimer Mellon. In March 2004, the school received a record $55 million gift from alumnus David Tepper and was renamed the David A. Tepper School of Business. Numerous Nobel Prize, Nobel Prize-winning List of Nobel Memorial Prize laureates in Economics, economists have been affiliated with the school, including alumni Dale T. Mortensen, Oliver Williamson, Edward Prescott, Finn Kydland and faculty members Herbert A. Simon, Franco Modigliani, Merton Miller, Robert Lucas, Jr., Robert Lucas, and Lars Peter Hansen. History In 1946, economist George ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Library Of Economics And Liberty
Liberty Fund, Inc. is an American nonprofit foundation headquartered in Carmel, Indiana, that promotes the libertarian views of its founder, Pierre F. Goodrich, through publishing, conferences, and educational resources. The operating mandate of the Liberty Fund was set forth in an unpublished memo written by Goodrich "to encourage the study of the ideal of a society of free and responsible individuals".Robert T. Grimm (ed.), ''Notable American Philanthropists: Biographies of Giving and Volunteering'', Greenwood Publishing Group, 2002, pp. 125–128 History Liberty Fund was founded by entrepreneur Pierre F. Goodrich in 1960. Goodrich, "one of the richest men in Indiana", was involved with coal mines, corn production, telecommunications, and securities. Goodrich was a member of the neoliberal or classically liberal Mont Pelerin Society, an international organization of academics, intellectuals, and business leaders who advocated free market economic policies. Goodrich was al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxist
Marxism is a political philosophy and method of socioeconomic analysis. It uses a dialectical and materialist interpretation of historical development, better known as historical materialism, to analyse class relations, social conflict, and social transformation. Marxism originates from the works of 19th-century German philosophers Karl Marx and Friedrich Engels. Marxism has developed over time into various branches and schools of thought, and as a result, there is no single, definitive " Marxist theory". Marxism has had a profound effect in shaping the modern world, with various left-wing and far-left political movements taking inspiration from it in varying local contexts. In addition to the various schools of thought, which emphasize or modify elements of classical Marxism, several Marxian concepts have been incorporated into an array of social theories. This has led to widely varying conclusions. Alongside Marx's critique of political economy, the defining ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dale Jorgenson
Dale Weldeau Jorgenson (May 7, 1933 – June 8, 2022) was an American economist who served as the Samuel W. Morris University Professor at Harvard University. An influential econometric scholar, he was famed for his work on the relationship between productivity and economic growth, the economics of climate change, and the intersection between economics and statistics. Described as a "master" of his field, he received the John Bates Clark Medal in 1971, and was described as a worthy contender for the Nobel Memorial Prize in Economic Sciences. Life and career Jorgenson was born in 1933 in Bozeman, Montana. He received a BA in economics from Reed College in 1955, an AM in economics from Harvard University in 1957, and a PhD in economics from Harvard in 1959. He became an assistant professor of economics at the University of California, Berkeley, in 1959, where he was appointed an associate professor in 1961, and a full professor in 1963. He returned to his alma mater, Harvard, i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Foundation
The Nobel Foundation () is a private institution founded on 29 June 1900 to manage the finances and administration of the Nobel Prizes. The foundation is based on the last will of Alfred Nobel, the inventor of dynamite. It also holds Nobel Symposia on important breakthroughs in science and topics of cultural or social significance. History Alfred Nobel (; born 21 October 1833, in Stockholm, Sweden) was a chemist, engineer, innovator, armaments manufacturer and the inventor of dynamite. He owned Bofors, a major armaments manufacturer, which he had redirected from its original business as an iron and steel mill. Nobel held 355 different patents, dynamite being the most famous. Nobel amassed a sizeable personal fortune during his lifetime, thanks mostly to this invention. In 1896 Nobel died of a stroke in his villa in Sanremo, San Remo, Italy where he had lived his final years.AFP"Alfred Nobel's last will and testament", ''The Local''(5 October 2009): accessed 14 January 2009. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of California, Berkeley
The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California), is a Public university, public Land-grant university, land-grant research university in Berkeley, California, United States. Founded in 1868 and named after the Anglo-Irish philosopher George Berkeley, it is the state's first land-grant university and is the founding campus of the University of California system. Berkeley has an enrollment of more than 45,000 students. The university is organized around fifteen schools of study on the same campus, including the UC Berkeley College of Chemistry, College of Chemistry, the UC Berkeley College of Engineering, College of Engineering, UC Berkeley College of Letters and Science, College of Letters and Science, and the Haas School of Business. It is Carnegie Classification of Institutions of Higher Education, classified among "R1: Doctoral Universities – Very high research activity". Lawrence Berkeley National Laboratory was originally founded as par ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. Among the countries with the most unemployed were the U.S., the United Kingdom, and Weimar Republic, Germany. The Depression was preceded by a period of industrial growth and social development known as the "Roaring Twenties". Much of the profit generated by the boom was invested in speculation, such as on the stock market, contributing to growing Wealth inequality in the United States, wealth inequality. Banks were subject to laissez-faire, minimal regulation, resulting in loose lending and wides ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
