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STOCKHOLM -- American Robert E. Lucas Jr. won the 1995 Nobel economics prize Tuesday for deciphering how people's expectations of the future affect economies.
"Robert Lucas is the economist who has had the greatest influence on macroeconomic research since 1970,'' the Royal Swedish Academy of Sciences said in its citation.
Lucas was "overwhelmed'' when informed by Nobel officials Tuesday morning that he had won the 7.2 million kronor ($1 million) award.
Reached in Chicago, Lucas said his work showed that if, for example, workers believe inflation is increasing and then demand higher wages, their added income fuels the inflation anyway -- like a self-fulfilling fear.
"The practical implication of my work has been, along with others, to make us a lot more skeptical about our ability to use monetary policy to fine-tune the economy,'' Lucas said .
He is the eighth Nobel economics laureate from the University of Chicago, which has had more winners of the prize than any other university in the world.
American Wins Economic Nobel
11 October 1995
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