George Stigler

Date of Birth: January 17, 1911

Zodiac Sign: Capricorn

Date of Death: December 1, 1991

Biography

George Joseph Stigler was an influential American economist known for his work in the fields of industrial organization, regulatory capture, and the economics of information. Born in Seattle, Washington, Stigler earned his B.A. from the University of Washington in 1931, his M.B.A. from Northwestern University in 1932, and his Ph.D. in Economics from the University of Chicago in 1938. Stigler was a key figure in the Chicago School of Economics, which emphasizes the efficiency of free markets. His contributions to the understanding of market behavior and regulatory economics earned him the Nobel Memorial Prize in Economic Sciences in 1982. Stigler’s work laid the foundation for modern industrial organization theory and influenced public policy on regulation.

5 Interesting Facts about George Stigler

1. Stigler was awarded the Nobel Memorial Prize in Economic Sciences in 1982 for his seminal studies of industrial structures, functioning of markets, and causes and effects of public regulation.

2. He was a founding member of the Mont Pelerin Society, an international organization composed of economists, philosophers, historians, intellectuals, and business leaders.

3. Stigler was a prolific author, writing numerous books and articles on economics, including “The Theory of Price” which became a widely used textbook.

4. He is best known for developing the concept of regulatory capture, which occurs when regulatory agencies are dominated by the industries they are charged with regulating.

5. Stigler served as the editor of the Journal of Political Economy from 1946 to 1957, significantly shaping the direction of economic research.

5 Most Interesting Quotes from George Stigler

1. “A war can perhaps be won single-handedly. But peace—lasting peace—cannot be secured without the support of all.”

2. “Economists exert a minor and scarcely detectable influence on the societies in which they live. This is their great virtue and their great failing.”

3. “If you never miss a plane, you’re spending too much time at the airport.”

4. “The purpose of social science is to discover what is true about man and his society.”

5. “The economist’s stock in trade consists of both theory and fact, but to be useful, they must be joined together.”

Highest Net Worth Achieved

George Stigler’s net worth at the peak of his career is not well-documented in monetary terms, but his intellectual contributions and influence in the field of economics were invaluable.