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Robert Emerson Lucas and Jane Templeton Lucas. Substitution between Labor and Capital in U. Lucas studied economics for his Ph. He believed that economics was the true driver of history, and so he planned to immerse himself fully in economics and then return to the history department. Lucas has two sons: Stephen Lucas and Joseph Lucas. The agents in Lucas’s model are rational: based on the available information, they form expectations about future prices and quantities, and based on these expectations they act to maximize their expected lifetime utility. Econometric Policy Evaluation: A Critique”.
On the Mechanics of Economic Development”. Why Doesn’t Capital Flow from Rich to Poor Countries”. Recursive Methods in Economic Dynamics. The Theory of New Classical Macroeconomics. This page was last edited on 5 December 2017, at 23:30. Robert Todd Lincoln – Harris and Ewing. American politician, lawyer, and businessman.