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

Henrik Egbert (), Teodor Sedlarski and Aleksandar B. Todorov

Economic Thought journal, 2022, issue 4, 452-472

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.

JEL-codes: B20 D40 D49 D80 D83 H11 J38 L00 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econth:y:2022:i:4:p:452-472

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