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Nobel-winning economist Robert Lucas Jr. died on Monday. His revolutionary theories transformed the field of macroeconomics. His influential "Lucas critique" argued economic policy must take into account people's decisions in reaction to the policy itself, and just as importantly, their expectations. Not only is he remembered as a brilliant mind, but a supportive colleague as well. On today's episode, we remember Robert Lucas and his legacy.
For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. |
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