| Robert Lucas, Jr. |
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He received his B.A. in History in 1959 and Ph.D. in Economics in 1964 , both from the University of Chicago. He taught at Carnegie Mellon University until 1975 , when he returned to the University of Chicago. One of the most influential economists since the 1970s , he changed the foundations of macroeconomic theory (previously dominated by the Keynesian Economics approach), arguing that a macroeconomic model should have micro-foundations. He is well known for his investigations into the implications of the assumption of Rational Expectations . He developed the " Lucas Critique " of economic policymaking, which holds that relationships that appear to hold in the economy, such as an apparent relationship between inflation and unemployment, change in response to changes in economic policy. He also helped developed the Lucas-Islands Model , which suggests that people are tricked by monetary policy. BIBLIOGRAPHY
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