Talk:Robert Lucas Jr.

A news item involving Robert Lucas Jr. was featured on Wikipedia's Main Page in the In the news section on 23 May 2023.

Wikipedia

Biography: Science and Academia

	Biography portal This article is within the scope of WikiProject Biography, a collaborative effort to create, develop and organize Wikipedia's articles about people. All interested editors are invited to join the project and contribute to the discussion. For instructions on how to use this banner, please refer to the documentation.BiographyWikipedia:WikiProject BiographyTemplate:WikiProject Biographybiography articles
	This article is supported by the science and academia work group (assessed as High-importance).
	An editor has requested that an image or photograph be added to this article.

United States Mid‑importance

	United States portal This article is within the scope of WikiProject United States, a collaborative effort to improve the coverage of topics relating to the United States of America on Wikipedia. If you would like to participate, please visit the project page, where you can join the ongoing discussions. Template Usage Articles Requested! Become a Member Project Talk Alerts United StatesWikipedia:WikiProject United StatesTemplate:WikiProject United StatesUnited States articles
Mid	This article has been rated as Mid-importance on the project's importance scale.

Chicago Low‑importance

	Chicago portal This article is within the scope of WikiProject Chicago, which aims to improve all articles or pages related to Chicago or the Chicago metropolitan area.ChicagoWikipedia:WikiProject ChicagoTemplate:WikiProject ChicagoChicago articles
Low	This article has been rated as Low-importance on the project's importance scale.

Economics High‑importance

	Business and economics portal This article is within the scope of WikiProject Economics, a collaborative effort to improve the coverage of Economics on Wikipedia. If you would like to participate, please visit the project page, where you can join the discussion and see a list of open tasks.EconomicsWikipedia:WikiProject EconomicsTemplate:WikiProject EconomicsEconomics articles
High	This article has been rated as High-importance on the project's importance scale.

Libertarianism

Statement It's not appropriate to associate Robert Lucas Jr too closely with Libertarianism or any other ideology.

Question Why not?

Do Read. If you please that is. www.econlib.org/library/Enc/bios/Lucas Goldlionist (talk) 20:43, 12 November 2011 (UTC)Goldlionist[reply]

Aggregation and Rationality

Statement Macroeconomics in analogy to microeconomics, not by aggregation of microeconomis. This error has been re-inserted here again, and it is a widely shared mistake. Lucas is quite clear that he does not think that aggregation is possible but insists nevertheless to apply standard microeconomic conceptions. (See his critique paper.) Please don't insert wrong statements to replace correct ones without checking first. Thanks.

Objection The previous statement is quite clearly wrong. Check Bob's critique paper -- it says nothing about aggregation.

Reply Unfortunately you are wrong. You may re-check the middle of page 22 of the critique paper and you will find the sentences: "This role for theory is decidedly secondary: microeconomics shows surprising power to rationalize individual econometric relationships in a variety of ways. More significantly, this microeconomic role for theory abdicates the task of describing the aggregate behavior of the system entirely to the econometrician."

The point is re-iterated at various places, for instance on page 7 of the Lucas-Sargent paper from 1979 where it is stated: "Indeed, a more likely conjecture, on the basis of recent work by Hugo Sonnenschein (1973), is that the general hypothesis that a collection of time series describes an economy in competitive equilibrium is without content." In other words: Microeconomic rationality postulates do not imply, according to the view that Lucas subscribes to, anything for macroeconomics. Rationality on the macro level, and of the sort used by Lucas cannot be derived from microeconomic assumptions--that is, by aggregation. (The references may be found on the the main page).

As to the article: The current phrasing in the article is again misleading but I am tired to correct it again. I remain wondering why the author (or authors) (who apparently admire Lucas rather than being neutral about him) are so eager to distort his openly stated views.

Further the article lacks neutrality. It is well-known that the Lucas critique has been raised before by others, and that Lucas himself noted that it applies to Tinbergen. Keyners himself has raised related points against Tinbergen, in particular questioning the stability of behavioural parameters over time.

Retort Again, you are wrong. Aggregation is essential for the critique -- if the aggregate dynamics of the economy are not the consequence of combining the individual decisions, then the critique is meaningless. Debreu-Mantel-Sonnenschein merely states that aggregation in the sense of the construction of an agent whose decisions correspond to aggregates may not be possible, but says nothing about whether we should add individual demands together to get aggregate demand. Jeesh, take a decent grad theory class before you weigh in. —Preceding unsigned comment added by 128.143.1.141 (talk) 02:50, 20 June 2009 (UTC)[reply]

10 best economists?

He was named among the 10 best economists,[1]

the link implies nothing of the sort! delete? —Preceding unsigned comment added by 212.2.12.173 (talk) 09:08, 19 January 2009 (UTC)[reply]

I agree - the list is not a table of the best economists! —Preceding unsigned comment added by 86.49.80.80 (talk) 10:05, 4 June 2009 (UTC)[reply]

Resolved

External links modified

Hello fellow Wikipedians,

I have just added archive links to one external link on Robert Lucas, Jr.. Please take a moment to review my edit. If necessary, add {{cbignore}} after the link to keep me from modifying it. Alternatively, you can add {{nobots|deny=InternetArchiveBot}} to keep me off the page altogether. I made the following changes:

Added archive http://web.archive.org/web/20160202121043/http://www.boston.com/globe/search/stories/nobel/1995/1995f.html to http://www.boston.com/globe/search/stories/nobel/1995/1995f.html

When you have finished reviewing my changes, please set the checked parameter below to true or failed to let others know (documentation at {{Sourcecheck}}).

This message was posted before February 2018. After February 2018, "External links modified" talk page sections are no longer generated or monitored by InternetArchiveBot. No special action is required regarding these talk page notices, other than regular verification using the archive tool instructions below. Editors have permission to delete these "External links modified" talk page sections if they want to de-clutter talk pages, but see the RfC before doing mass systematic removals. This message is updated dynamically through the template {{source check}} (last update: 5 June 2024).

If you have discovered URLs which were erroneously considered dead by the bot, you can report them with this tool.
If you found an error with any archives or the URLs themselves, you can fix them with this tool.

Cheers.—^{cyberbot II}_{Talk to my owner:Online} 18:13, 22 March 2016 (UTC)[reply]

External links modified

Hello fellow Wikipedians,

I have just modified 2 external links on Robert Lucas Jr.. Please take a moment to review my edit. If you have any questions, or need the bot to ignore the links, or the page altogether, please visit this simple FaQ for additional information. I made the following changes:

When you have finished reviewing my changes, you may follow the instructions on the template below to fix any issues with the URLs.

This message was posted before February 2018. After February 2018, "External links modified" talk page sections are no longer generated or monitored by InternetArchiveBot. No special action is required regarding these talk page notices, other than regular verification using the archive tool instructions below. Editors have permission to delete these "External links modified" talk page sections if they want to de-clutter talk pages, but see the RfC before doing mass systematic removals. This message is updated dynamically through the template {{source check}} (last update: 5 June 2024).

If you have discovered URLs which were erroneously considered dead by the bot, you can report them with this tool.
If you found an error with any archives or the URLs themselves, you can fix them with this tool.

Cheers.—InternetArchiveBot (Report bug) 23:30, 5 December 2017 (UTC)[reply]