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Foundations of contemporary economics: George Stigler and the Chicago school of economics – on price theory and information economics

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Listed:
  • Henrik Egbert
  • Teodor Sedlarski
  • Aleksandar B. Todorov

Abstract

George Josef Stigler is known as the scientist who strongly influenced the formation of the Chicago School of Economics. He promoted the idea of expanding price theory beyond the boundaries of economics and developed it into a universal model for the analysis of human behaviour, known as the economic approach to human behaviour. His research inspired the Public Choice literature and the Economic Theory of Law. Besides, Stigler made numerous contributions which nowadays are integral parts of economic theory. In this essay we summarize some of Stigler’s outstanding contributions, particularly his work on information economics and the economic theory of regulation.

Suggested Citation

  • Henrik Egbert & Teodor Sedlarski & Aleksandar B. Todorov, 2022. "Foundations of contemporary economics: George Stigler and the Chicago school of economics – on price theory and information economics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 452-472.
    • Handle: RePEc:bas:econth:y:2022:i:4:p:452-472
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    References listed on IDEAS

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    1. Stigler, George J, 1984. " Economics-The Imperial Science?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 86(3), pages 301-313.
    2. Peltzman, Sam, 1993. "George Stigler's Contribution to the Economic Analysis of Regulation," Journal of Political Economy, University of Chicago Press, vol. 101(5), pages 818-832, October.
    3. Demsetz, Harold, 1993. "George J. Stigler: Midcentury Neoclassicalist with a Passion to Quantify," Journal of Political Economy, University of Chicago Press, vol. 101(5), pages 793-808, October.
    4. Stigler, George J., 2011. "Economics of Information," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 35-49.
    5. Steven Medema, 2011. "A case of mistaken identity: George Stigler, “The Problem of Social Cost,” and the Coase theorem," European Journal of Law and Economics, Springer, vol. 31(1), pages 11-38, February.
    6. Friedman, Milton, 1993. "George Stigler: A Personal Reminiscence," Journal of Political Economy, University of Chicago Press, vol. 101(5), pages 768-773, October.
    7. George J. Stigler, 1969. "Does Economics Have a Useful Past?," History of Political Economy, Duke University Press, vol. 1(2), pages 217-230, Fall.
    8. George J. Stigler & James K. Kindahl, 1970. "The Behavior of Industrial Prices," NBER Books, National Bureau of Economic Research, Inc, number stig70-1, March.
    9. George J. Stigler, 1962. "Information in the Labor Market," NBER Chapters, in: Investment in Human Beings, pages 94-105, National Bureau of Economic Research, Inc.
    10. Wallis, W Allen, 1993. "George J. Stigler: In Memoriam," Journal of Political Economy, University of Chicago Press, vol. 101(5), pages 774-779, October.
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    12. George J. Stigler, 1947. "Introduction, Trends in Output and Employment," NBER Chapters, in: Trends in Output and Employment, pages 1-2, National Bureau of Economic Research, Inc.
    13. George J. Stigler, 1947. "Trends in Output and Employment," NBER Books, National Bureau of Economic Research, Inc, number stig47-1, March.
    14. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135-135.
    15. Arthur Diamond, 2005. "Measurement, incentives and constraintsin Stigler's economics of science," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 12(4), pages 635-661.
    16. Stigler, George J, 1976. "The Xistence of X-Efficiency," American Economic Review, American Economic Association, vol. 66(1), pages 213-216, March.
    17. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
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    More about this item

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • D49 - Microeconomics - - Market Structure, Pricing, and Design - - - Other
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • L00 - Industrial Organization - - General - - - General

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