“The potential gains from improved stabilization policies are on the order of hundredths of a percent of consumption, perhaps two orders of magnitude smaller than the potential benefits of available supply-side fiscal reforms.”
Quote by Robert Lucas, Jr.
Author
Robert Lucas, Jr.
Robert Lucas Jr. (September 15, 1937 – May 15, 2023) was an American economist who won the 1995 Nobel Prize in Economics. He was a central figure in the new classical macroeconomics school, best known for developing the rational expectations theory, which fundamentally changed macroeconomic analysis. Lucas taught at the University of Chicago for decades, and his research covered economic growth, monetary theory, and business cycles. His contributions include the Lucas critique, the Lucas supply curve, and human capital models, profoundly influencing modern economics. more
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