Robert Lucas, who won the Nobel Prize in economics for groundbreaking work on rational expectations, died on May 15. He was 85.

Lucas spent the majority of his academic career at the University of Chicago, both as a student and then professor. It was there, in the 1970s, that he produced his breakthrough research on rational expectations and the ‘Lucas critique’, which fundamentally changed modern macroeconomics.

“Bob leaves behind a legacy of revolutionary research, teaching, and leadership