Robert Lucas, Jr.

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Robert Emerson Lucas, Jr. (born 15 September, 1937) is an American economist at the University of Chicago. He received the Nobel Prize in Economics in 1995.


  • I do not see how one can look at figures like these without seeing them representing possibilities. Is there some action a government of India could take that would lead the Indian economy to grow like Indonesia's or Egypt's? If so, what exactly? If not, what is it about the "nature of India" that makes it so? The consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is hard to think about anything else.
    • "On the Mechanics of Economic Development." Journal of Monetary Economics. 22 July, 1988, pp. 5: On economic growth
  • So I am skeptical about the argument that the subprime mortgage problem will contaminate the whole mortgage market, that housing construction will come to a halt, and that the economy will slip into a recession. Every step in this chain is questionable and none has been quantified. If we have learned anything from the past 20 years it is that there is a lot of stability built into the real economy.
    • "Mortgages and Monetary Policy", The Wall Street Journal WEDNESDAY, September 19, 2007

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