Nobel laureate Dr. Robert E. Lucas, Jr. will discuss “The Logic of Entitlement Reform” in the Burkett Miller Distinguished Lecture Series on Monday, October 7, at noon in the UTC University Center Auditorium. This event is free and open to the public; however, seating is limited and on a first-come, first-served basis.
Lucas is the John Dewey Distinguished Service Professor of Economics at The University of Chicago, a Fellow of the Econometric Society, the American Academy of Arts and Sciences, and the American Philosophical Society, and a member of the National Academy of Sciences. He is a past president of the Econometric Society and the American Economic Association. In 1995, he received the Nobel Memorial Prize in Economic Sciences and was recognized by the Royal Swedish Academy of Sciences “for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy.” Prior to his Chicago appointment, Lucas was a member of the faculty of the Graduate School of Industrial Administration at Carnegie-Mellon University from 1963 until 1974.
Recent theoretical research in economics has made real progress in formulating and addressing topics like entitlement reform logic. Lucas would like to present the simple logic of economists’ proposed solutions and, most importantly, request the audience’s reactions to these new ideas.
“Dr. Lucas won the Nobel Prize for his work in rational expectations. The struggle over entitlements arises from the gap between expectations and fiscal reality and his insights into the problem have led the way to a deeper understanding of both the problem and possible solutions,” said Dr. J.R. Clark, who holds the Scott L. Probasco, Jr. Chair of Free Enterprise at UTC.
Dr. Russell S. Sobel will critique the speech. Sobel earned his Ph.D. in economics from Florida State University. He has authored over 150 books and articles, including a Principles of Economics textbook. His research has appeared in the Journal of Political Economy and The Journal of Law and Economics, as well as media outlets such as The New York Times, The Wall Street Journal, The Economist Magazine, and the CBS Evening News. He serves on the editorial board for three academic journals, and has won numerous awards for both his teaching and his research. Sobel is a Visiting Scholar in Entrepreneurship at The Citadel.
The Scott L. Probasco, Jr. Chair of Free Enterprise sponsors this event. For more information on the speaker and speech, contact the J.R. Clark, Probasco Chair, at 423-425-4118.
Lucas is known for his influence on macroeconomic research as well as his insights into the difficulties of using economic policy to control the economy.
“Dr. Lucas won the Nobel Prize for his work in rational expectations. The struggle over entitlements arises from the gap between expectations and fiscal reality and his insights into the problem have led the way to a deeper understanding of both the problem and possible solutions,” said Dr. J.R. Clark, who holds the Probasco Chair.