The branch of economics dealing with how to enrich a new nation was actually forbidden by the courts, on the grounds that no university could pay for the damage its teachers did.
George Stigler Quotes
The Chicago Economics Department was in intellectual ferment, although the central issues of the 1930's were very different from those in later times. I had never before encountered minds of that quality at close quarters and they influenced me strongly.
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| Birth: | 17th January, 1911 |
| Death: | 1st December, 1991 |
| Nationality: | American |
| Profession: | Economist |
About
George Joseph Stigler was born in Seattle, Washington, USA. He was an American economist. He won the Nobel Memorial Prize in Economic Sciences in 1982. He received National Medal of Science in 1987. He was a key leader of the Chicago School of Economics, along with Milton Friedman. He earned a B.A. degree from the University of Washington in 1931. He obtained his M.B.A. degree from the Northwestern University in 1932. He earned his Ph.D. in economics from the University of Chicago in 1938. He taught as a professor of Economics at Iowa State College, Brown University, Columbia University, and University of Chicago from 1958-91. He is best known for developing the Economic Theory of Regulation, also known as 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. He wrote several books include: Production and Distribution Theories, The Theory of Competitive Price, The Intellectual and the Market Place, and Memoirs of an Unregulated Economist(autobiography).
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