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Memoirs of an Unregulated Economist (Cinema and Modernity), by George J. Stigler
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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.
- Sales Rank: #1883107 in Books
- Published on: 2003-03-15
- Released on: 2003-03-15
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .70" w x 5.50" l, .57 pounds
- Binding: Paperback
- 240 pages
From Publishers Weekly
Stigler, one of the leading figures in the conservative "Chicago School" of economics, won the Nobel Prize in Economic Science in 1982 for his work on the economics of information and on the economics of public regulation. In this engaging memoir, he recounts his intellectual development. As a graduate student at the University of Chicago during the 1930s, he was deeply influenced by economists Frank Night and Jacob Viner. These two mentors nurtured his belief in the efficacy of free markets and the harm that government interference in markets often causes. Stigler, who taught at Iowa State University and Columbia University before returning to the University of Chicago in 1958, here describes the work of colleagues like Milton Friedman, Gary Becker, Ronald Coase and Richard Posner, "Chicago" economists who share a fierce commitment to free markets and to rigorous microeconomic analyses. Stigler concludes that economic logic will eventually pervade other, less rigorous social sciences. This is a well-written and tautly argued book.
Copyright 1988 Reed Business Information, Inc.
Review
“Stigler’s memoirs are a gem: in style, in wit, and above all, in substance, they reflect accurately his own engaging personality and his extraordinarily diverse contributions to our science.”
(Milton Friedman)
“Should be read by anyone considering a career in economics, but Stigler’s writing is so accessible that his discussions will whet even a casual interest.”--, (James C. Cooper Business Week)
“Beautifully written, it will appeal to anyone seeking a better understanding of what technical economics is all about. It is full of stories about powerful minds, courageous intellects and tightly focused issues.”--, (David Warsh Boston Globe)
“A loving and fierce defense of economics as a science.” (Robert Krulwich New York Times Book Review)
“Mr. Stigler is at his best as a historian of economic thought, great and small. . . . He also provides abundant insight into the anthropology of the tribe of academic economists in the latter 20th-century U.S., bizarre as it may be. Interspersed in all that is a simple autobiography of a gentle man and his lifelong love affair with the dismal science. Anyone even on the edge of economic romance will find here a refreshing bouquet.” (Robert B. Reich Wall Street Journal)
From the Inside Flap
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.
Most helpful customer reviews
0 of 1 people found the following review helpful.
Academia with affection
By Clay Garner
This biography combines analysis of ideas along with analysis of people. Lots of intriguing comments on the famous, Friedman, Becker, Viner, Hayek, Knight, Burns, etc. Stigler presents a sympathic view, avoiding the negative without compromising accuracy. Also comments on many universities in the same way, with tact and affection. Much time spent defending academia and the intellectual world. Explains his interaction with government and policy as academic. Covers his reaction to Nobel award. Interesting viewpoint from insider who was still somewhat outside.
Frank Knight was Stigler's mentor. Explains Knight's personality and his impact on this students. Contrasts Knight and Simons. Quotes Knight : "Truth in society is like strychnine in the individual body, medicinal in special conditions and minute doses; otherwise and in general, a deadly poison." (23) As usual, Stigler makes no critical comment.
Notes that Henry Simons was the forerunner of the Chicago school and its devotion to markets. Presents a quote from Simon; "It seems no wise fantastic, indeed, to suggest that present development point toward a historic era which will bear close resemblance at many points to the middle ages. With the disappearance of free trade within national areas will come endless, destructive conflict among organized economic groups - which would suffice, without assitance from international wars, for the destruction of Western civilization and its institutional heritage." (21) This written in 1930's.
Remembers Jacob Viner this way: "It was years later before I fully appreciated some of Viner's great virtues. He was incomparably less dogmatic than Knight (or Henry Simons), and considering the inadequacy of the knowledge then (and now) of the sources and effect of public policies, that was the only responsible attitude. . . Viner, on the contrary, analyzed Ricardo perceptively and sympathetically, so a reader could 'hear' Ricardo." This is a good description of Stigler's method.
Devotes a chapter to Ronald Coase. He was present at the famous meeting where Coase persuaded 20 economists to change their mind to his view. This explanation of the "Coase Theorem" is clear and fun. Stigler inserts theory into this book with only a little strain.
This book will appeal to ones with an interest in economics or academia. In contrast to Sowell, does not focus on conflict. Stigler worked within the system. However, he is not blind to problems, just understanding.
1 of 3 people found the following review helpful.
EASY TO READ, INTERESTING HISTORY OF RECENT ECONOMIC THOUGHT
By Denis Benchimol Minev
Stigler won the Nobel Prize in 1982 for his work on antitrust and the role of information in the economy. He was one of the founders of the renowned Chicago School of economic thought, whose most famous member was Milton Friedman. Stigler traces the origins of the Chicago School in this easy to read, non academic memoir. He also tells a bit of personal history, but his main focus is on the analysis of thought evolution in economics.
Overall, I thought this was a nice concise book. With only about 200 pages, the author surely measured his words. This is not a book about economics (though there is a little bit in it), but mainly a book on economic thought.
4 of 5 people found the following review helpful.
A Witty Tour of The Chicago School
By Joshua C. Hall
The dust jacket describes this book as "...at once the masterful intellectual autobiography of one of this century's most distinguished economists and a brilliant overview of the impact of economic ideas on policy since the mid-century." That description is right on target.
Stigler provides everything in this short, accessible book. The reader is treated to a detailed explanation of the evolution of Stigler's thinking on a wide variety of topics. These chapters, such as Chapter 6 ("Monopoly") and Chapter 7 ("Political Regulation of Economic Life") also provide a very good intellectual history of how the generally accepted view of these topics has changed over time. Not coincidentally, these chapters together with Chapter 10 ("The Chicago School") document the tremendous amount of influence the Chicago School of economics has had over the economics profession.
At a minimum, the book is worth the purchase price because of it's witty treatment of the "inside baseball" of academic life and frank description of the intellectual atmosphere at the University of Chicago. As an example, the letter exchange between Frank Knight and Paul Douglas reprinted beginning on page 183 should not be missed (no synopsis here can do it justice). Nor should the reader miss the description detailed in Chapter 5 ("Eureka") of how Ronald Coase, in one evening, turned the entire Chicago economics department from critics to supporters of what is now called the "Coase Theorem."
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