His doctoral dissertation concerned the substitution between Labor and Capital in U.S. Manufacturing. One of his articles introduced a model in which all individuals can only observe aggregated price changes, a set up which means that they cannot make the right decisions about changing production levels. A related concept to that Islands model is this man's namesake critique which claims that any economic relationships that appear to hold in the real world may become invalid as a response to act
His doctoral dissertation concerned the substitution between Labor and Capital in U.S. Manufacturing. One of his articles introduced a model in which all individuals can only observe aggregated price changes, a set up which means that they cannot make the right decisions about changing production levels. A related concept to that Islands model is this man's namesake critique which claims that any economic relationships that appear to hold in the real world may become invalid as a response to active fiscal or monetary policy. For 10 points, identify this Chicago economist whose paradox concerns why more capital is not flowing from developed to developing nations, a 1995 Nobelist better known for expounding the neutrality of money and rational expectations.
His doctoral dissertation concerned the substitution between Labor and Capital in U.S. Manufacturing.
Robert Lucas, Jr.