Search results
Results from the WOW.Com Content Network
The Uzawa–Lucas model is an economic model that explains long-term economic growth as consequence of human capital accumulation. Developed by Robert Lucas, Jr., [1] building upon initial contributions by Hirofumi Uzawa, [2] it extends the AK model by a two-sector setup, in which physical and human capital are produced by different technologies.
An endogenous growth theory implication is that policies that embrace openness, competition, change and innovation will promote growth. [ citation needed ] Conversely, policies that have the effect of restricting or slowing change by protecting or favouring particular existing industries or firms are likely, over time, to slow growth to the ...
Lucas (1988) is a seminal contribution in the economic development and growth literature. [22] Lucas and Paul Romer heralded the birth of endogenous growth theory and the resurgence of research on economic growth in the late 1980s and the 1990s. [23] [24]
Paul Michael Romer (born November 6, 1955) [1] is an American economist and policy entrepreneur who is a University Professor in Economics at Boston College. [2] Romer is best known as the former Chief Economist of the World Bank and for co-receiving the 2018 Nobel Memorial Prize in Economic Sciences (shared with William Nordhaus) for his work in endogenous growth theory. [3]
It was named after American economist Robert Lucas's work on macroeconomic policymaking. The Lucas critique is significant in the history of economic thought as a representative of the paradigm shift that occurred in macroeconomic theory in the 1970s towards attempts at establishing micro-foundations.
In macroeconomics, the cost of business cycles is the decrease in social welfare, if any, caused by business cycle fluctuations.. Nobel economist Robert Lucas proposed measuring the cost of business cycles as the percentage increase in consumption that would be necessary to make a representative consumer indifferent between a smooth, non-fluctuating, consumption trend and one that is subject ...
The Lucas islands model is an economic model of the link between money supply and price and output changes in a simplified economy using rational expectations. It delivered a new classical explanation of the Phillips curve relationship between unemployment and inflation. The model was formulated by Robert Lucas, Jr. in a series of papers in the ...
His 1984 Macroeconomics textbook remains a standard for explaining the subject, and his 1995 book, with Columbia University economist Xavier Sala-i-Martin, on Economic Growth, is a widely cited and read graduate-level textbook on the theory and evidence concerning long-run economic growth. Barro's research in the 1990s was focused mainly on the ...