Synopses & Reviews
Synopsis
George Stigler (1911-1991) was unquestionably one of the post-war giants of the economics profession. Along with such compatriots as Milton Friedman, Aaron Director, Gary Becker and others at Chicago, he would manage to radically reshape the contours of the discipline, engineering a virtual counter-revolution against the previous post-war consensus. Stigler essentially pioneered the fields of industrial organisation and regulatory economics while contributing landmark studies to the history of economic thought. George Stigler was awarded a much-deserved Nobel Prize in 1982.
At heart always a shy boy from the provinces, defending himself and his beliefs against the demands of a more wicked and devious world, he remained one of the only truly inscrutable figures in the history of modern economics. A kind, deeply caring family man, he fended off those outside his inner circle by employing a razor sharp, and often cruel, wit, keeping friends, colleagues and especially enemies at an arm's distance. "... there was] the student who came to George complaining that he didn't deserve the 'F' he'd received in George's course. George agreed but explained that 'F' was the lowest grade the administration allowed him to give." Many who had the fortune, or misfortune, of coming within the range of his sharp tongue, even in the seeming context of an innocent encounter, would bear the scars of that contact for years to come. "With a paper like this, delivering it] under the table, would not be inappropriate."
This volume is then one of the first to shed light on an entirely enigmatic figure by approaching both the man and his work from very divergent and original perspectives. Whether it succeeds is up to the whims of the reader. Or as George Stigler was wont to say, "Let the chips fall where they may."
Synopsis
Economics as we know it today evolved from a fundamental reconstruction carried out instrumentally by a small group of young economists in the immediate post-war period. The major contending forces were those supporting the Keynesian revolution in the US and the counter-revolutionaries spearheaded by members affiliated with the University of Chicago (the Chicago School).
George Stigler was one of the motivating figures behind the Chicago counter-revolution that did so much to reshape the course of modern economics, and he was instrumental in restoring price theory to its position at the heart of economic analysis. In 1982 George Stigler won the Nobel Memorial Prize in Economics. Not only did Stigler reinstate and re-emphasize price theory as the only viable basis for progress in the economics discipline, but he also championed and relentlessly promoted the idea of quantification and empirical verification of any theory in economics.
This volume places modern economics in perspective by looking at the way in which Stigler's work helped shape the discipline. Since this work is not in the distant past, how it influenced economics is still largely unexplored. Comprehensive, well balanced and authoritative, this collection, supported by leading figures in the field, sheds light on issues of the past and, even more so, helps us to understand the issues which economists continue to grapple with today. Contributions draw upon the connections between Stigler's ideas and their subsequent impact. Understanding the past is crucial for developing a wide ranging economic intuition with which to tackle continuing fundamental problems facing economists and society today.
Synopsis
1. The Protestant Father as Economist- Craig FreedmanPart I: A Biographical Perspective2. The Curmudgeon as Teacher: Afternoon Coffee with Mark Blaug- Craig Freedman3. Fathers and Sons: A Conversation with Stephen Stigler- Craig Freedman4. The Way Things Work: The Empirical Bent of Economists: Ronald Coase on George Stigler- Craig Freedman5. The Chicago Battler: Sherwin Rosen on George Stigler, Chicago and Economics- Craig Freedman6. What Price Glory: James Kindahl Airs Some Views on George Stigler- Craig Freedman7. George Stigler's Career Moves: The roles of contingency, self-interest, ideology, and intellectual commitment- David MitchPart II: Voyages on the Seas of History and Economic Thought
8. George Stigler's Adam Smith: Successes and Failures- Jeffrey T. Young9. George Stigler as a Reader of Adam Smith- David M. Levy and Sandra J. Peart10. Stigler on Ricardo- Heinz D. Kurz11. George Stigler: Marshall's Loyal but Faithless Follower- Neil Hart12. Shattering Hope and Building Empire: Economics Imperialism at Chicago, George Stigler and Aaron Director- Edward Nik-Khah and Robert Van Horn13. George Stigler, the first apostle of the "Coase theorem"- Elodie Bertrand14. Roads Not Taken: The Coase Conundrum- Craig Freedman15. George J. Stigler's relationship to the Virginia school of political economy- Gordon L. Brady and Francesco FortePart III: The Pervasive Lightness of the Chicago Price Theory
16. Between Old and New: George Stigler's Chicago Price Theory- J. Daniel Hammond17. George Stigler: Knowledge, preferences and (self-interested) choices- Marina Bianchi18. Textual and Scientific Exegesis: George Stigler and Method in Economic Science- M. Ali Khan and Edward E. Schlee 19. Stigler on the Science of Economics: A Tale of Two Knights- Peter J. Boettke & Rosolino A. Candela20. James Buchanan and George Stigler: Divergent Legacies from Frank Knight- Richard E. Wagner