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The twenty-four essays that appear in this volume exemplify the scholarly brilliance and intellectual curiosity that has marked the world of Nobel laureate George J. Stigler, who has been acknowledged as one of the foremost architects of twentieth-century economic thought.
The twenty-four essays that appear in this volume exemplify the scholarly brilliance and intellectual curiosity that has marked the world of Nobel laureate George J. Stigler, who has been acknowledged as one of the foremost architects of twentieth-century economic thought. Stigler has said that "the purpose of economics is not to preach, nor is it to build elaborate theoretical models of hypothetical economies; its purpose is to study the world around us in order to better understand its workings." Stigler's writings indicate a lifetime spent in that pursuit. He has continually questioned accepted theories and infused those theories with his own unique perceptions; his writing and lecturing have always been marked with clarity, humor, and style. The essays published here are small but significant part of his work, which can only indicate the breadth of his intellect and the extraordinary scope of his interest, which embraces microeconomics, the history of economic thought, and all aspects of political economy.
The twenty-four essays that appear in this volume exemplify the scholarly brilliance and intellectual curiosity that has marked the world of Nobel laureate George J. Stigler, who has been acknowledged as one of the foremost architects of twentieth-century economic thought. Stigler has said that "the purpose of economics is not to preach, nor is it to build elaborate theoretical models of hypothetical economies; its purpose is to study the world around us in order to better understand its workings." Stigler's writings indicate a lifetime spent in that pursuit. He has continually questioned accepted theories and infused those theories with his own unique perceptions; his writing and lecturing have always been marked with clarity, humor, and style. The essays published here are small but significant part of his work, which can only indicate the breadth of his intellect and the extraordinary scope of his interest, which embraces microeconomics, the history of economic thought, and all aspects of political economy.
In this witty and modest intellectual autobiography, George J. Stigler gives us a fascinating glimpse into the little-known world of economics and the people who study it. One of the most distinguished economists of the twentieth century, Stigler was awarded the Nobel Prize in 1982 for his work on public regulation. He also helped found the Chicago School of economics, and many of his fellow Chicago luminaries appear in these pages, including Fredrich Hayek, Milton Friedman, Ronald Coase, and Gary Becker. Stigler's appreciation for such colleagues and his sense of excitement about economic ideas past and present make his Memoirs both highly entertaining and highly educational.
This lively collection of essays examines statistical ideas with an ironic eye for their essence and what their history can tell us for current disputes. The topics range from 17th-century medicine and the circulation of blood, to the cause of the Great Depression, to the determinations of the shape of the Earth and the speed of light.
This collection of essays presents a sampling of the significant contributions to twentieth-century economic thought and practice by Nobel Prize-winner Milton Friedman.
Social Science Quotations has been prepared to meet an evident, unmet need in the literature of the social sciences. Writings on the lives and theories of individual social scientists abound, but there has been no fully documented collection of memorable quotations from the social sciences as a whole. The frequent use of quotations in scientific as well as literary writings that are mere summaries or paraphrases typically fail to capture the full force of formulations that have made quotations memorable. This book of quotations invites the further reading or rereading of the original texts, beyond the quotations themselves. Sills and Merton draw extensively upon the writings that constitute the historical core of the social sciences and social thought; those works with staying power often described as the "classical texts." Many quotations have been drawn from these classical texts because the quotations contain memorable ideas memorably expressed. Both consequential and memorable, these words have been quoted over the generations, entering into the collective memory of social scientists everywhere and at times diffusing into popular thought and into the vernacular as well. This book is useful to social scientists, anthropologists, economists, historians, political scientists, psychiatrists, psychologists, sociologists and statisticians, and for all who want to learn or verify memorable formulations and phrases concerning social thought and social theories. It is particularly useful for graduate students taking courses that examine the history of their discipline.
An authoritative textbook based on the legendary economics course taught at the University of Chicago Price theory is a powerful analytical toolkit for measuring, explaining, and predicting human behavior in the marketplace. This incisive textbook provides an essential introduction to the subject, offering a diverse array of practical methods that empower students to learn by doing. Based on Economics 301, the legendary PhD course taught at the University of Chicago, the book emphasizes the importance of applying price theory in order to master its concepts. Chicago Price Theory features immersive chapter-length examples such as addictive goods, urban-property pricing, the consequences of prohibition, the value of a statistical life, and occupational choice. It looks at human behavior in the aggregate of an industry, region, or demographic group, but also provides models of individuals when they offer insights about the aggregate. The book explains the surprising answers that price theory can provide to practical questions about taxation, education, the housing market, government subsidies, and much more. Emphasizes the application of price theory, enabling students to learn by doing Features chapter-length examples such as addictive goods, urban-property pricing, the consequences of prohibition, and the value of a statistical life Supported by video lectures taught by Kevin M. Murphy and Gary Becker The video course enables students to learn the theory at home and practice the applications in the classroom
The Marginal Productivity Theory of Distribution (MPTD) claims that in a free-market economy the demand for a factor of production will depend upon its marginal product – where "marginal product" is defined as the change in total product that is caused by, or that follows, the addition or subtraction of the marginal unit of the factor used in the production process, with all other inputs held constant. From its inception in the early nineteenth century the MPTD has been claimed by some economists to be a solution to the ethical problem of distributive justice, i.e. to be a means of determining fairness in wages, profits, interest and rent. Other economists have rejected this ethical claim, but have seen the MPTD as a valid demand-side criterion in the determination of equilibrium and efficiency. This book argues that the MPTD is valid, neither as a normative theory of social justice, nor as a positive law of economics. It suggests that economics is yet to develop a satisfactory theory of distribution that is scientific in the quantitative or mathematical sense. Through a survey of the origin and subsequent evolution of the MPTD in the writings of over 50 contributors over 150 years, John Pullen presents a critical history of the concept. The book begins by examining the conceptual tools that have been deployed to facilitate this analysis of past contributions to the MPTD and then looks at various economists and their contribution to the debate including its supporters such as Wicksteed, Marshall, Wicksell and Stigler, and its critics such as Pareto, Hobson, Edgeworth, Adriance and Cassel.