Best travel destinations of us on (1937 ) AT ROBERT LUCAS’ Nobel Prize ceremony in October 1995, the honors committee praised his advancement of the field of world economy. He is the economist who has had the greatest influence on microeconomic research since 1970, read the citation issued by the Swedish Academy of Sciences. The Nobel award honored, chiefly, his work in developing and applying the hypothesis of rational expectations, thus transforming MICROECONOMIC analysis and deepening the world’s understanding of economic policy. This rational-expectation hypothesis formulated by Lucas earlier in his career is the assumption that people make use of the best available information about government policy when making their decisions, rather than committing the systematic errors assumed by earlier theories. The eldest child born to Robert Emerson and Jane Templeton Lucas, he enjoyed a quiet childhood in Yakima, Washington. Lucas spent his earliest years helping out in his parents’ business, a popular ice cream shop near the center of town. The shop failed in the 193839 economic downturn and the Lucases relocated to Seattle where both parents took up new occupations. Best travel destinations of us 2016.
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