home *** CD-ROM | disk | FTP | other *** search
/ The Epic Interactive Encyclopedia 1998 / Epic Interactive Encyclopedia, The - 1998 Edition (1998)(Epic Marketing).iso / L / Lucas,_Robert / INFOTEXT < prev   
Text File  |  1992-09-01  |  349b  |  10 lines
  1. 1937- . US economist, leader of the Chicago
  2. University school of `new classical'
  3. macroeconomics, which contends that wage and
  4. price adjustment is almost instantaneous and
  5. that the level of unemployment at any time
  6. must be the natural rate (it cannot be
  7. reduced by government action except in the
  8. short term and at the cost of increasing
  9. inflation).
  10.