Top 10 most inspiring quotes by George Joseph Stigler
- Even before I came to Chicago, I had gotten interested in the existence of dispersion of prices under conditions which economic theory said would yield a single price.
- And yet I would not freely exchange my science for those of my fellow laureates. They are forever confined in their professional discussions to the small numbers of their fellow scientists.
- I attended schools in Seattle through the University of Washington, from which I was graduated in 1931. I spent the next year at Northwestern University.
- My interests were aroused, and my faith in the cliches of the subject destroyed, as so often with other subjects, by the discussions with my friend, Aaron Director.
- The main insight learned from interdisciplinary studies is the return to specialization.
- All great economists are tall. There are two exceptions: John Kenneth Galbraith and Milton Friedman.
- That subject has lost its one time appeal to economists as our science has become more abstract, but my interest has even grown more intense as the questions raised by the sociology of science became more prominent.
- Adam Smith had one overwhelmingly important triumph: he put into the center of economics the systematic analysis of the behavior of individuals pursuing their self-interest under conditions of competition.
- A Swedish physicist can not discuss his work with fifty people unless he goes abroad. A Swedish economist can get opinions and instructions in his native language from thousands upon thousands of his fellow citizens.
- Theories are not rejected by cirsumstantial evidence: it takes a theory to beat a theory.
George Joseph Stigler (January 17, 1911 – December 1, 1991) was an American economist renowned for his significant contributions to the field of microeconomics and the study of regulatory capture. Born in Seattle, Washington, he graduated from the University of Washington in 1931 and earned his Ph.D. from the University of Chicago in 1938.
Throughout his career, Stigler played a pivotal role in developing the Chicago School of Economics, which emphasized the importance of free markets and individual choice. He advocated for a minimal role of government intervention in the economy, asserting that market forces should largely dictate economic outcomes.
One of his most influential works was his 1962 article “Information in the Labor Market,” where he introduced the concept of “search costs” and their impact on labor market dynamics. In 1982, he was awarded the Nobel Memorial Prize in Economic Sciences for his research on the economics of information and market structures.
Stigler’s research on regulatory capture, published in his seminal work “The Theory of Economic Regulation” in 1971, highlighted how industries could manipulate regulations to their advantage. He posited that regulatory agencies often serve the interests of the industries they are meant to regulate, rather than acting in the public interest.
Throughout his life, George Stigler remained an influential figure in economics, leaving behind a legacy of groundbreaking research that continues to shape economic thought to this day. He passed away on December 1, 1991, but his ideas and contributions continue to inspire economists and policymakers worldwide.
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