This economist created an equilibrium asset-pricing model by considering a large number of consumers who all own an identical number of identically-fertile trees.
This economist created an equilibrium asset-pricing model by considering a large number of consumers who all own an identical number of identically-fertile trees. In one paper, this man questioned why the lower levels of capital per worker in developing nations does not lead to greater investment by developed nations. This economist forced Keynesians to establish microfoundations for their macroeconomic models by arguing that statistical correlations under old policies could not be used to predict occurrences under new policies in his (*) critique of macroeconomics. This economist kicked off real business cycle theories with his paper "An Equilibrium Theory of the Business Cycle" and did some of his most famous work building on a 1961 paper by John Muth. For 10 points, name this economist from the University of Chicago who developed rational expectations.
This economist created an equilibrium asset-pricing model by considering a large number of consumers who all own an identical number of identically-fertile trees.
Robert Emerson Lucas, Jr.