George Stigler
George Stigler: Economist and Nobel Laureate
Full Name and Common Aliases
George Joseph Stigler was born on January 17, 1911, in Seattle, Washington, USA. He is commonly known as Joe to his friends and colleagues.
Birth and Death Dates
January 17, 1911 - December 1, 1993
Nationality and Profession(s)
American economist, educator, and author. Stigler was a prominent figure in the field of economics, known for his work on the theory of industrial organization, the history of economic thought, and the role of government in the economy.
Early Life and Background
George Stigler grew up in Seattle, where he developed an early interest in mathematics and science. He attended Lincoln High School and went on to study at the University of Washington, graduating with a degree in economics in 1932. After completing his undergraduate studies, Stigler moved to Chicago to pursue a master's degree in economics from the University of Chicago, which he completed in 1933.
Major Accomplishments
Stigler's academic career spanned over six decades, during which he made significant contributions to various fields within economics. His most notable work includes:
Theory of Industrial Organization: Stigler's research on industrial organization focused on the behavior and performance of firms in different markets. He developed the concept of "X-inefficiency," which posits that even perfectly competitive firms can experience inefficiencies due to factors such as management and worker attitudes.
History of Economic Thought: Stigler was a prolific writer and researcher, producing numerous articles and books on the history of economic thought. His work aimed to understand how economists' ideas have evolved over time and how they influence contemporary policy debates.
Role of Government in the Economy: As a strong advocate for free markets, Stigler argued that government intervention in economic affairs often leads to unintended consequences and inefficiencies.Notable Works or Actions
Some of Stigler's notable works include:
"The Theory of Price" (1946) - This textbook on microeconomics became a standard reference for economists and students alike.
* "The Intellectual and the State" (1982) - In this essay, Stigler argued that intellectuals often promote policies that benefit themselves rather than society as a whole.
Impact and Legacy
Stigler's contributions to economics have had a lasting impact on the field. His work has influenced generations of economists, policymakers, and business leaders. He was awarded the Nobel Memorial Prize in Economic Sciences in 1982 for his analysis of industrial structures and the role of government in the economy.
Why They Are Widely Quoted or Remembered
George Stigler's legacy extends beyond his academic achievements. His commitment to free market principles and limited government intervention has made him a prominent figure in economic debates. As an author, educator, and advocate for sound economic policy, Stigler continues to be widely quoted and remembered by scholars, policymakers, and the general public alike.
Quotes by George Stigler
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.
I recall my mother asking in about 1946 what I was and I replied proudly that I was a professor. A decade later she repeated her question and I repeated my answer. “No promotion?” was her comment.
The main insight learned from interdisciplinary studies is the return to specialization.
...it is distressing how often one can guess the answer given to an economic question merely by knowing who asks it.
Why, when the economist gives advice to his society, is he so often cooly ignored? He never ceases to preach free trade, and protectionism is growing in the United States. He deplores the perverse effects of minimum wage laws, and the legal minimum is regularly raised each 3 or 5 years. He brands usury laws as a medieval superstition, but no state hurries to repeal its law.
I recall my mother asking in about 1946 what I was and I replied proudly that I was a professor. A decade later she repeated her question and I repeated my answer. "No promotion?" was her comment.
Friedman stumbled in, late to the seminar as usual and reeking of cigar smoke and whiskey. He hadn't read the paper being presented, and halfway through he just gets up, walks up to the podium, socks the mother****er right in the face and takes a piss all over his lecture notes.