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 and a key figure in the development of the field of industrial organization. Born in Renton, Washington, Stigler earned his Ph.D. in Economics from the University of Chicago in 1938, where he would later spend much of his professional life. He is best known for his work in the areas of the economics of regulation and the theory of economic information. Stigler’s most notable contributions include the “Stigler’s Theory of Economic Regulation,” which posits that regulatory agencies often become dominated by the industries they are supposed to regulate, and his studies on information asymmetry. In 1982, Stigler was awarded the Nobel Memorial Prize in Economic Sciences for his seminal studies of industrial structures, functioning of markets, and causes and effects of public regulation. Stigler was also a founding member of the Mont Pelerin Society, an international organization composed of economists, philosophers, historians, intellectuals, and business leaders who advocate for classical liberalism.

5 Interesting Facts about George Stigler

1. Stigler served as the President of the American Economic Association in 1964.

2. He was a strong advocate for the deregulation of industries.

3. Stigler was a close associate of Milton Friedman, another prominent economist.

4. He authored more than 150 articles and several books during his career.

5. Stigler’s research laid the groundwork for what would later become known as the “Chicago School” of economic thought.

5 Most Interesting Quotes from George Stigler

1. “The state—the machinery and power of the state—is a potential resource or threat to every industry in the society.”

2. “Economists exert a minor and scarcely detectable influence on the societies in which they live.”

3. “The central task of economic policy is to create a framework in which markets can operate freely and effectively.”

4. “Regulation is acquired by the industry and is designed and operated primarily for its benefit.”

5. “Competition is a tough weed, not a delicate flower.”

Highest Net Worth Achieved

While specific details about George Stigler’s highest net worth are not widely documented, it is known that his influence and contributions to economics were invaluable, earning him numerous accolades and a comfortable academic career.