Editor Pick – Robert E. Lucas Podcast
Lucas on Growth, Poverty and Business Cycles
Nobel laureate Robert E. Lucas, Jr. discusses the role of money and monetary policy in the business cycle. While money is recognized to be the source of inflation, Lucas argues that bad monetary policy and monetary instability contribute to recessions although they are far from being the main determinant. According to him, business cycles are generated by real factors like productivity changes. He also talks about the determinants of different international standards of living, as well as demographics, immigration and human capital
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