George stigler biography

George Stigler

American economist (–)

George Joseph Stigler (; January 17, – December 1, ) was an American economist. He was the laureate in Nobel Memorial Prize in Economic Sciences and is considered a key leader of the Chicago school of economics.

Early life and education

Stigler was born in Seattle, Washington, the son of hungarian Elsie Elizabeth[1] (Erzsébet Hungler, born in Bakonypéterd, Veszprém county, Kingdom of Hungary) and bavarian Joseph Stigler.[2] He was of German and Hungarian descent[3][4] and spoke German in his childhood.[5] He graduated from the University of Washington in with a B.A.

and then spent a year at Northwestern University, from which he obtained his MBA in It was during his studies at Northwestern that Stigler developed an interest in economics and decided on an academic career.[6]

After he received a tuition scholarship from the University of Chicago, Stigler enrolled there in to study economics and went on to earn his PhD in economics in

Career

Stigler taught at Iowa State College from to He spent much of World War II at Columbia University, performing mathematical and statistical research for the Manhattan Project.

He then spent one year at Brown University. He served on the Columbia faculty from to

At Chicago, he was greatly influenced by Frank Knight, his dissertation supervisor. Milton Friedman, a friend for over 50 years,[7] commented that it was remarkable for Stigler to have passed his dissertation under Knight, as only three or four students had ever managed to do so in Knight's 28 years at Chicago.

Stigler's influences included Jacob Viner and Henry Simons as well as students W. Allen Wallis and Friedman.

George stigler economist: About the CEE. Dewey Edmund J. Simon Anne Anastasi George J. Klein Jacob Marschak Tjalling C.

Stigler is best known for developing the Economic Theory of Regulation (), also known as regulatory capture, which says that interest groups and other political participants will use the regulatory and coercive powers of government to shape laws and regulations in a way that is beneficial to them. This theory is a component of the public choice field of economics but is also deeply opposed by public choice scholars belonging to the "Virginia School," such as Charles Rowley.[8] He also carried out extensive research in the history of economic thought.

Stigler's most important contribution to economics was published in his landmark article, "The Economics of Information."[9] According to Friedman, Stigler "essentially created a new area of study for economists." Stigler stressed the importance of information: "One should hardly have to tell academicians that information is a valuable resource: knowledge is power.

And yet it occupies a slum dwelling in the town of economics."[6]

His article "Information in the Labor Market" developed the theory of search unemployment.[10]

In he was elected as a Fellow of the American Statistical Association.[11]

He was known for his sharp sense of humor, and he wrote a number of spoof essays.

In his book The Intellectual and the Marketplace, for instance, he proposed Stigler's Law of Demand and Supply Elasticities: "all demand curves are inelastic and all supply curves are inelastic too." The essay referenced studies that found many goods and services to be inelastic over the long run and offered a supposed theoretical proof; he ended by announcing that his next essay would demonstrate that the price system does not exist.

Another essay, "A Sketch on the Truth in Teaching," described the consequences of a (fictional) set of court decisions that held universities legally responsible for the consequences of teaching errors.[12] The Stigler diet is also named after him.[13]

Stigler wrote numerous articles on the history of economics, published in the leading journals and republished 14 of them in The American Economic Review said, "many of these essays have become such well-known landmarks that no scholar in this field should be unfamiliar with them The lucid prose, penetrating logic, and wry humor have become the author's trademarks."[14][15] However, Deirdre McCloskey has criticised his characterisation of Adam Smith as a father of the 'greed is good' school of economics as a poor reading of the Scottish philosopher's views.[16]

Stigler was a founding member of the Mont Pelerin Society and was its president from to He was a libertarian/classical liberal.[17][18]

Stigler was elected to the American Philosophical Society in ,[19] the American Academy of Arts and Sciences in ,[20] and the United States National Academy of Sciences in [21] He received the National Medal of Science in

Trivia

His relative Antal Koppány[22][23] was famous for achieving a draw against chess champion Bobby Fischer who was himself of hungarian ancestry through his biological father Paul Neményi.

Bibliography

  • (). "Production and Distribution in the Long Run," Journal of Political Economy, 47(3), pp. – (arrow-scrollable).
  • ([] ). Production and Distribution Theories: The Formative Period. New York: Macmillan. & Description arrow-scrollable preview.
  • () The Theory of Competitive Price.

    The Macmillan Company.[24]

  • (). "The Cost of Subsistence," Journal of Farm Economics, 2, pp. – Arrow-scrollable.
  • ().

    Gary becker Srinivasa Varadhan Solomon W. The lucid prose, penetrating logic, and wry humor Stanford: Hoover Institution Press. Adams Arthur T.

    "The Economics of Information," Journal of Political Economy, 69(3), pp. –

  • (a). "Information in the Labor Market." Journal of Political Economy, 70(5), Part 2, pp. 94–
  • (b). The Intellectual and the Marketplace. Selected Papers, no. 3. Chicago: University of Chicago Graduate School of Business.

  • Stigler ww2
  • George stigler regulatory capture
  • George stigler height
  • Item 1 of 1

    • Reprinted in Sigler (), pp. 79–88

  • (c). (With Claire Friedland) "What Can Regulators Regulate," Journal of Law and Economics, pp. 3–
  • (d). "The problem of the Negro," "New Guard" (5), pp.&#;11–
  • (). (With Paul Samuelson) "A Dialogue on the Proper Economic Role of the State." Selected Papers, no.

    7. pp. 3– Chicago: University of Chicago Graduate School of Business

  • (). Capital and Rates of Return in Manufacturing Industries. National Bureau of Economic Research, Princeton, NJ: Princeton University Press
  • (). Essays in the History of Economics. University of Chicago Press. [25]
  • ().

    The Organization of Industry. Description & arrow-scrollable preview. Homewood, IL: Richard D. Irwin

  • (). (With J.K. Kindahl) The Behavior of Industrial Prices. National Bureau of Economic Research, New York: Columbia University Press
  • (). "The theory of economic regulation." Bell Journal of Economics and Management Science, 2(1), pp.

    George stigler biography death In his speech he twitted the great economists of the past who had given lengthy cases for and critiques of government regulation without ever trying to study its effects. Did governments regulate industries, as many had believed, to reduce the harmful effects of monopoly? Even in industries with a "going wage," variances in wage rates still exist. Herschbach Glenn T.

    (arrow-scrollable).

  • (). "The Adoption of Marginal Utility Theory," History of Political Economy, 4(2), pp. – Also below at * (b).
  • (). Citizen and the State: Essays on Regulation
  • (a). "The Process and Progress of Economics," Nobel Memorial Lecture, 8 December (with bibliography)
  • (b).

    The Economist as Preacher, and Other Essays. Chicago: University of Chicago Press

  • (). The Organization of Industry
  • (). Memoirs of an Unregulated Economist. University of Chicago Press. ISBN&#;. autobiography
  • (). The Essence of Stigler, K.R. Leube and T.G.

    Moore, ed. Arrow-scroll to respective &#;

  • (). The Theory of Price, Fourth Edition. New York: Macmillan
  • (). ed. Chicago Studies in Political Economy

For comprehensiveness, see Vicky M. Longawa (), "George J. Stigler: A Bibliography," Journal of Political Economy, (5), pp. – Arrow–scrollable.

See also

Notes

  1. ^Zsolt, Gyurina ().

    "KISALFOLD - Nobel-díjas rokonnal büszkélkedhet a bakonypéterdi Hofstadter Mátyás". KISALFOLD - Nobel-díjas rokonnal büszkélkedhet a bakonypéterdi Hofstadter Mátyás (in Hungarian). Retrieved

  2. ^National Academy of Sciences; Office of the Home Secretary (1 May ). Biographical Memoirs. National Academies Press.

    pp.&#;–. ISBN&#;.

  3. ^Zsolt, Gyurina (). "Nobel-díjas rokonnal büszkélkedhet a bakonypéterdi Hofstadter Mátyás" [Mátyás Hofstadter from Bakonypéterd can boast a Nobel Prize-winning relative]. KISALFOLD (in Hungarian). Retrieved
  4. ^"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ".

    Archived from the original on Retrieved

  5. ^Sowell, Thomas (), Migrations and Cultures: A World View, New York: Basic Books, p.&#;82, ISBN&#;,
  6. ^ abMilton Friedman (). "George Joseph Stigler January 17, – December 1, ,"Archived February 9, , at the Wayback MachineBiographical Memoirs.

    National Academy of Sciences.

  7. ^Friedman, Milton (). "George Stigler: A Personal Reminiscence". Journal of Political Economy.

    George stigler biography wikipedia James Henry W. O'Malley Francis S. It has now become the mainstream view. Walgreen professorship of American institutions.

    (5): – doi/ ISSN&#; JSTOR&#;

  8. ^Palda, Filip. A Better Kind of Violence: The Chicago School of Political Economy, Public Choice, and the Quest for and Ultimate Theory of Power. Cooper-Wolfling Press.
  9. ^George J. Stigler (). "The Economics of Information," Journal of Political Economy, 69(3), pp.

    –Archived at the Wayback Machine

  10. ^George J. Stigler (). "Information in the Labor Market." Journal of Political Economy, 70(5), Part 2, pp. 94–Archived at the Wayback Machine
  11. ^View/Search Fellows of the ASAArchived at the Wayback Machine, accessed
  12. ^George J. Stigler, "A Sketch of the History of Truth in Teaching," Journal of Political Economy, 81(2, Part 1), pp.

    Archived at the Wayback Machine–

  13. ^Based on his article. "The Cost of Subsistence," Journal of Farm Economics, 2, pp. – ed at the Wayback Machine
  14. ^Thomas Sowell, review in American Economic Review (June, ), p.
  15. ^George J. Stigler, Essays in the History of Economics (University of Chicago Press, ).
  16. ^McCloskey, Deirdre Nansen, Preface, Mullen, Roger, Smith, Craig, & Mochrie, Robbie (eds.) *), Adam Smith: The Kirkcaldy Papers, Adam Smith Global Foundation, Kirkcaldy, pp.

    7 & 8, ISBN&#;

  17. ^"The Rise, Decline, and Reemergence of Classical Liberalism | Belmont University | Nashville, TN". . Archived from the original on Retrieved
  18. ^"Stigler, George J. (–)". . Archived from the original on Retrieved
  19. ^"APS Member History".

    . Archived from the original on Retrieved

  20. ^"George Joseph Stigler". American Academy of Arts & Sciences. Archived from the original on Retrieved
  21. ^"George J. Stigler". . Archived from the original on Retrieved
  22. ^Tóni bácsi, aki Katziáner Antalként született, majd nevét magyarosította Koppányra, végül ő is Amerikába került.

    Ő arról híres, hogy döntetlent játszott a világhírű sakkozóval, Bobby Fischerrel.

  23. ^Zsolt, Gyurina (). "KISALFOLD - Nobel-díjas rokonnal büszkélkedhet a bakonypéterdi Hofstadter Mátyás".

  24. George stigler economist
  25. George stigler biography wife
  26. George stigler iowa

    27. KISALFOLD - Nobel-díjas rokonnal büszkélkedhet a bakonypéterdi Hofstadter Mátyás (in Hungarian). Retrieved

  27. ^Lachmann, L. M. (). "Review of The Theory of Competitive Price". Economica. 10 (39): – doi/ ISSN&#; JSTOR&#;
  28. ^Reviewed at Shepard B. Clough (). "Essays in the History of Economics.

    George J. Stigler," The Journal of Modern History, 37(3), p. [permanent dead link&#;] & Herbert M. Bernstein (), "Essays in the History of Economics by George J. Stigler," Technology and Culture, 8(1), pp.

    George stigler biography Patel Eli Ruckenstein Kenneth N. Schultz Stigler. Biological sciences s C. Advertising itself is a completely neutral instrument and lends itself to the dissemination of highly contradictory desires.

    –Archived at the Wayback Machine

References

  • Diamond, Arthur M., Jr. (). "Measurement, Incentives, and Constraints in Stigler's Economics of Science." The European Journal of the History of Economic Thought 12, no. –
  • Friedman, Milton (). "George Stigler: A Personal Reminiscence," Journal of Political Economy (5), arrow-scrollable pp.

    –

  • Friedman, M. (). "George J. Stigler, – National Academies Press. A Biographical Memoir.
  • Hammond, J. Daniel, and Claire H. Hammond, ed. (). Making Chicago Price Theory: Friedman–Stigler Correspondence, –. Routledge. pp.&#;ISBN&#;
  • Levy, David M., and Sandra J. Peart. (). "Stigler, George Joseph (–)." The New Palgrave Dictionary of Economics, 2nd Edition.

    Abstract.

  • Palda, Filip (). A Better Kind of Violence: Chicago Political Economy, Public Choice, and the Quest for an Ultimate Theory of Power. Cooper-Wolfling Publishers. ISBN&#;
  • Steelman, Aaron (). "Stigler, George J. (–)". In Hamowy, Ronald (ed.). The Encyclopedia of Libertarianism.

    Thousand Oaks, California: Sage; Cato Institute. pp.&#;– doi/n ISBN&#;. LCCN&#; OCLC&#;

  • The New Palgrave: A Dictionary of Economics ().
  • "Stigler, George Joseph" by Peter Newman, v. 4, p.&#;
  • "Stigler as an historian of economic thought" by Thomas Sowell, v. 4, pp.&#;–
  • "Stigler's contribution to microeconomics and industrial organization," by Richard Schmalense, v.

    4, pp.&#;–

  • Schmalensee, Richard (). "George Stigler's Contributions to Economics, The Scandinavian Journal of Economics, 85(1), pp. 77–86 (arrow-scroll searchable).

External links