Bob Lucas on Growth, Poverty and Business Cycles

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4.7 • 4.3K Ratings

🗓️ 5 February 2007

⏱️ 48 minutes

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Summary

Bob Lucas, Nobel Laureate and professor of economics at the University of Chicago talks about wealth and poverty, what affects living standards around the world and over time, the causes of business cycles and the role of the money in our economy. Along the way, he talks about Jane Jacobs, immigration, and Milton Friedman's influence on his career.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:13.6	I'm your host Russ Roberts of George Mason University and Stanford University's Hoover
0:18.3	Institution.
0:19.7	Our website is econtalk.org where you can subscribe, find other episodes, comment on this podcast,
0:26.9	find links and other information related to today's conversation.
0:31.0	Our email address is mailadicontalk.org.
0:34.6	We'd love to hear from you.
0:38.2	My guest today is Robert Lucas, the John Dewey Distinguished Service Professor of Economics
0:43.0	at the University of Chicago.
0:45.0	He was awarded the Nobel Prize in Economics in 1995.
0:48.6	Bob, welcome to Econ Talk.
0:50.5	Thank you.
0:51.5	Glad to be here.
0:52.5	I want to start our conversation talking about growth.
0:54.9	He wrote about some of the puzzles of growth in your 2002 book, Lectures on Growth, saying
1:00.4	that once you start to think about them, it's hard to think about anything else.
1:04.1	I can relate.
1:05.4	What I'd like you to do first is tell us about some of the stylized facts that got you
1:09.6	thinking about growth, what we know, and then we'll turn to some of the puzzles and how
1:13.9	we might explain them.
1:15.4	Sure.
1:16.4	I mean, what I mean by it's hard to think about it is, after giving some statistics on the
	...

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