by Jerry O’Driscoll
Earlier this year, we lost one of the greatest economists of this century, UCLAs Armen Alchian, who died at age 98. David Henderson wrote a wonderful appreciation of him for the Wall Street Journal.
Alchian taught at UCLA from the early 1950s until his retirement in the 1990s. Few men have put their stamp on a department as he did. Milton Friedman comes to mind at Chicago. Alchian taught the economic way of thinking, and his approach permeated the course offerings by almost all the other professors. If you took macro from Axel Leijonhufvud, you got a dose of Alchian’s micro. In monetary classes, works like Alchian’s “Why Money” were topics of discussion. Alchian’s analysis of price searching behavior was background in all the courses.
Liberty Fund published a two-volume collection of his writings. I can obviously touch on only a few issues.
One of Alchian’s greatest contributions was to the theory of market pricing. Read the rest of this entry »