Armen A. Alchian
Armen Alchian.jpg
Born(1914-04-12)April 12, 1914
DiedFebruary 19, 2013(2013-02-19) (aged 98)
Los Angeles, California, U.S.
NationalityAmerican
Institutions
FieldMicroeconomics
Property rights
Law and economics[1]
School or
tradition
New Institutional Economics
Chicago School
Neoclassical economics
Alma materStanford University (BA, PhD)
Doctoral
students
William F. Sharpe,[2] David R. Henderson,[3] Steven N. S. Cheung,[4] Jerry Jordan[5]
InfluencesAdam Smith,[6] Ludwig von Mises, Friedrich Hayek
Awards

Armen Albert Alchian (/ˈɑːliən/; April 12, 1914 – February 19, 2013) was an American economist. He spent almost his entire career at the University of California, Los Angeles (UCLA). A major microeconomic theorist, he is known as one of the founders of new institutional economics and widely acknowledged for his work on property rights.

Early life and education

Armen Albert Alchian was born on April 12, 1914 in Fresno, California to Armenian-American parents. His father, Alexander H. Alchian (1884–1979),[8] was born in Erzurum, Ottoman Empire[9] and emigrated to the U.S. in 1901,[10] while his mother Lily Normart (1889–1976) was born to Armenian immigrant parents in Fresno.[11] Her parents were among the first Armenians to settle in the San Joaquin Valley and she was the first Armenian born in Fresno.[11][12] His parents married in 1909,[13] and Armen had a younger brother, Robert Haig Alchian (1917–1995).[14][15] His father worked as a musician and a jeweler and the family was of "modest means."[16] He grew up in the Armenian community, which was initially "subject to intense discrimination."[17] He himself was reportedly subject to anti-Armenian discrimination early in his life.[18] Alchian, called "the Armenian Adam Smith" by Michael Intriligator,[19][9] was the only prominent American economist of Armenian descent during his career.[20]

Alchian attended Fresno High School, where he excelled academically and athletically.[14] He initially enrolled in Fresno State College in 1932 and transferred to Stanford University in 1934, obtaining his bachelor's degree in 1936.[14] He earned his PhD in Philosophy from Stanford in 1943.[14][21] His dissertation was titled "The Effects of Changes in the General Wage Structure."[14] Anthony J. Culyer quoted Kenneth Arrow as saying that Alchian was the "brightest economics student Stanford ever had."[22]

Career

Alchian worked as a teaching assistant at Stanford (1937–40),[21] and then in 1940–41 he worked at the National Bureau of Economic Research and Harvard University and in 1942 at the University of Oregon as an instructor.[16] He went on to serve in the Army Air Forces as a statistician between 1942 and 1946.[21][23]

Alchian joined the Department of Economics at University of California, Los Angeles in 1946.[24] He was initially assistant professor (until 1952), then associate professor (until 1958), and eventually named professor in 1958.[21][19] He retired from UCLA in 1984 and was named professor emeritus of economics.[24][21] It was not until 2007 that he closed his campus office.[24] In classroom, Alchian adopted the Socratic method and disliked the traditional lecture method.[25][26]

In 2006 John Riley, chair of the UCLA economics department, stated that Alchian was the "father of the modern-day economics department at UCLA, and set the future for it."[27] William R. Allen noted that the department's "golden age" was from 1950 to 1980 because of Alchian's presence and leadership in the department.[27]

Alchian was also affiliated with the RAND Corporation between 1946 and 1964 and was a consultant to business firms.[21] At RAND, he is remembered for his work on the hidden costs of regulation.[24] Alchian was the first economist to be employed at RAND and "became the conduit through which many Chicago stalwarts such as Ronald Coase, Gary Becker, and others received lucrative consultancies from RAND."[28] Alchian was also involved for around 20 years with the Law and Economics Center, initially affiliated with the University of Rochester, which provided "insight into economic theory to legal scholars and judges."[24] Timothy Muris opined that Alchian was "unexcelled in teaching economics to lawyers."[29]

Research

Alchian, an applied economist,[7] has been described by Robert Higgs as a master of applied price theory.[26] Alchian was a neoclassical economist,[30][31] specifically of the Chicago School.[32][33] Along with Harold Demsetz, Alchian is considered to be the founder of the "UCLA tradition",[19][34] alternatively known as the Los Angeles School.[35] Read explains: "Theirs is a school which shares some similarities with Chicago’s emphasis on the free market, Harvard’s tradition of institutional studies, and the strategic thrust of both the RAND Corporation and of the Hoover Institution, to which both contributed intellectually."[35]

Alchian was also influenced by the Austrian School,[40] especially by the ideas of Ludwig von Mises and Friedrich Hayek.[41][42] He was influenced by Mises' Human Action (1949).[43] Alchian famously interviewed Hayek in 1978,[44][45] during which Alchian told him that he was particularly influenced by two of his articles: "Economics and Knowledge" (1937) and "The Use of Knowledge in Society" (1945).[46] In his turn, Alchian has influenced contemporary Austrian School economists.[47]

Alchian, along with James M. Buchanan and Ronald Coase, served as a bridge between the "Old" and "New" Chicago School.[48] Boettke and Candela argue that these three economists founded the following branches in economics: New Institutional Economics, Law and Economics, and the economics of property rights.[48] Indeed, Alchian is widely considered one of the founders of the New Institutional Economics.[49][a] According to Robert Higgs Alchian had the greatest influence, aside from Coase, "in creating and fostering what has come to be known as the New Institutional Economics, one of the most notable improvements in mainstream economics during the past half century."[26]

A large portion of Alchian's contribution is in property rights.[51][b][52] Henderson argued that Alchian has been most impactful on the economic analysis of property rights and summarized his work on it as follows: "You tell me the rules and I'll tell you what outcomes to expect."[18] Alchian opined that "In essence, economics is the study of property rights over resources."[53] Peter Boettke noted in 2015 that Alchian is "recognized as the founder of what was called 'property rights economics' in which he had to re-introduce to the economics profession the important role that property rights play in the determination of economic performance."[54]

While working at RAND in 1954, Alchian conducted the first event study to infer what kind of fuel material was used in the development of hydrogen bombs, the construction of which were secret at the time. He successfully identified lithium as the fusion fuel through publicly available financial data. However, the paper was confiscated and destroyed because it was seen as a threat to national security.[55]

Notable publications

See also: Alchian–Allen effect

Alchian was not prolific and did not author many books and articles.[19][7] However, his few published works are widely cited.[18][19] His writing style is characterized with lack of mathematical formality and is known for its straightforward prose.[26] Harold Demsetz noted that his works are "largely uncluttered with mathematics."[19] Henderson praised his clear writing, noting that Alchian was "one of the last economists of his generation to communicate mainly in words and not equations."[18] According to Susan L. Woodward he "had no use for formal models that did not teach us to look somewhere new in the known world, nor had he any patience for findings that relied on fancy econometrics."[56]

In 1964 Alchian and William R. Allen co-authored University Economics, an influential general textbook[18] that has undergone six editions under two titles.[24][12] It appeared in 1969 under the name Exchange and Production.[21] The collection of his works was first published in 1977 by Liberty Fund under the title Economic Forces at Work, which contains his main 18 papers.[21] In 2006 Liberty Fund published The Collected Works of Armen A. Alchian in two volumes.[12][50]

His most significant articles are:[21]

Views

Alchian has been described as a classical liberal[66] and libertarian.[67][c] He advocated laissez-faire economics[68] and free market individualism.[69] He was a member of the Mont Pelerin Society.[24][70] Alchian listed "self-reliance, independence, responsibility, integrity and trust" as the principles and rules of capitalism and argued that these are antithetical to socialism/communism.[71] Alchian believed Keynesianism "totally neglects incentives."[72] Alchian was a friend of Milton Friedman[73] and Friedman often quoted him: "The one thing you can be most sure of in this life is that everyone will spend someone else’s money more liberally than they will spend their own."[74]

In the 1960s, Alchian told Eastern Bloc economists that they had to "introduce more private property rights to make markets work the way you think they should work" or else the market allocation will seem to be "perverse or deficient."[75] David Riesman noted that Alchian, like Friedman and Hayek, was "confident about the causal relationships that run from evolution to capitalism, from capitalism to meliorism."[76] One left-wing commentator described Alchian as an "ultra-liberal" economist who vigorously defended the idea that capitalism is characterised by the absence of any substantial power relations between individuals.[77] Alchian was apparently influenced by neo-Darwinism.[78] He, like Friedman, "invoked Darwinism to prove that the market economy is natural."[79] Alchian was critical of minimum wage laws.[80][81]

Alchian famously asserted that "95% of the material in economics journals was wrong or irrelevant".[82][83]

Personal life and death

Alchian resided in Mar Vista, Los Angeles.[24] In 1940 he married Pauline (née Crouse, 1916–2017),[84] an elementary school teacher, who he had met at Stanford.[85][24][19] They had two children:[24] Arline Ann Hoel (b. 1943)[86] and Allen Alexander Alchian (b. 1947).[87][85]

Alchian was an "avid computer user" and an early adopter of email.[88]

Personality

William R. Allen described Alchian as "almost always soft-spoken, unaggressive, and seemingly bemused" and noted that he "eschewed ambitious self-promotion and personal empire-building."[89] Daniel Benjamin described him as "fundamentally kind, shy, compassionate, and humble."[49] William F. Sharpe wrote that Alchian was "personally gentle and traditional," but was "clearly an eccentric economic theorist."[82][90] Deirdre McCloskey described Alchian as "the soul of courtesy." She wrote that "talking about economics with Armen Alchian is like talking about painting with Pablo Picasso" and that his economics "comes from experience of life."[91] Tom G. Palmer wrote of Alchian as a "sober scholar, but not so charismatic."[92] Susan L. Woodward described him as a "warm and sentimental person."[56]

Golf

Alchian was a lifelong golfer[85] and a regular visitor to the Rancho Park Golf Course.[12] He often played golf with fellow economist George Stigler.[49] He greatly admired the sport and wrote an opinion piece for The Wall Street Journal in 1977, in which he argued that golf is "not merely a sport. It is an activity, a lifestyle, a behavior, a manifestation of the essential human spirit. Golf's ethic, principles, rules and procedures of play are totally capitalistic. They are antithetical to socialism. Golf requires self-reliance, independence, responsibility, integrity and trust."[71][93] He preferred to stay home and play golf than to partake in a conference called by President Gerald Ford to "Whip Inflation Now" as it would be "more productive than anything likely to be said in Washington."[89]

Last years and death

Alchian suffered from a neurodegenerative disease in the last six years of his life.[4] Alchian died of natural causes,[12] in his sleep,[26] at his home in Los Angeles on February 19, 2013 at the age of 98.[24]

Recognition and legacy

In a 2011 survey of around 300 economics professors in the U.S. Alchian ranked 17th in the list of "Favorite Living economists, Age 60 or Older". He received the same points as Robert Fogel and Gordon Tullock.[94][d] In 1984 Friedrich Hayek named Alchian and George Stigler his favorite economists "among the not really young ones."[96] William R. Allen described him as "one of the superb economic analysts and teachers of the second half of the twentieth century."[89] Walter E. Williams and Donald J. Boudreaux describe him as one of the top economists of the twentieth century and probably the greatest microeconomic theorist of the century and history.[e]

Alchian never received a Nobel Prize, but numerous economists, such as Hayek,[18] Harry Markowitz,[f] Michael Intriligator,[g] William R. Allen,[89] David R. Henderson,[101] Donald J. Boudreaux,[102] David Glasner,[h] believe he deserved one.[i] According to Henderson, Hayek told him in 1975: "There are two economists who deserve the Nobel prize because their work is important but won't get it because they didn't do a lot of work: Ronald Coase and Armen Alchian."[18] Allen nominated Alchian for the Nobel Prize in 1986 and characterized him in the nomination letter as follows:[89]

...a giant who, because of his lack of pretension, is easily overlooked by laymen and even by some supposed professionals—who has greatly honored his profession and uniquely contributed to its usefulness. He would grace the distinguished fraternity of Nobel Laureates.

Influence

A number of economists have been influenced by Alchian, including several Nobel laurates. Kenneth Arrow was "personally and intellectually closely linked" with Alchian and the latter's influence played a crucial role on Arrow's introduction of the concept of "learning curve" into an economic growth model.[104] James M. Buchanan was inspired by Alchian's work on free tuition.[105] William F. Sharpe, who took a graduate course taught by Alchian in 1956, named him one of his three mentors, whose approach to research he had attempted to emulate.[106][24] Sharpe called him a "brilliant mind grappling (usually very successfully) with the most difficult concepts in economics in thoroughly creative and innovative ways."[82] Elinor Ostrom, an undergraduate student of Alchian, noted that as an institutional theorist, she "really appreciate[s] Alchian’s approach" in the 1950 article "Uncertainty, Evolution, and Economic Theory".[107] Walter E. Williams called him one of his "tenacious mentors."[97] William R. Allen named Alchian one of the two individuals who had had the greatest influence on his life, calling him "an older brother."[108]

Other noted economists who were students of or were influenced by Alchian include Harold Demsetz,[109] Steve Hanke,[110] Henry Manne,[111] Yoram Barzel,[112] David Prychitko,[113] Anthony J. Culyer,[j] Karl Brunner,[k] Arthur De Vany,[114] Jerry Jordan,[115] Douglas W. Allen.[116]

Honors

Honorary doctorates
Tributes

See also

References

Notes

  1. ^ "Alchian not only remained a giant at the University of California Los Angeles. He was also viewed as a pioneer and co-founder of the New Institutional Economics revival, of which UCLA was at the center."[50]
  2. ^ "He devoted much of his career to studying property rights."[20]
  3. ^ Anthony J. Culyer: "Politically, he was a libertarian."[22]
  4. ^ Alchian ranked fourth, behind Gordon Tullock, George Stigler, and Ludwig von Mises in a 2011 survey asking economists the following question: "One might think of a character-type of economist that is well represented by the following five economists: Adam Smith, Friedrich Hayek, Milton Friedman, Ronald Coase, and James Buchanan. For that character type, which five additional economists would you include in a top-ten list of representatives of that character type?"[95]
  5. ^ Williams: "Professor Alchian is among the top 20th-century contributors to economic knowledge."[97] "Professor Alchian was probably the greatest microeconomic theorist of the 20th century..."[98]
    Boudreaux: "The world has lost two of the past century’s greatest economists in as many months: Armen Alchian died this morning. [...] More later on this great economist – a scholar who, I believe, probably is history’s greatest pure microeconomic theorist."[99]
  6. ^ "...One Google response was someone saying that Armen should get a Nobel Prize. I concur."[100]
  7. ^ Intriligator, who has known Alchian since 1962, said his colleague “would be a very good candidate for the Nobel Prize in economics.”[19]
  8. ^ "As I have pointed out on several prior occasions, it is simply scandalous that Alchian was not awarded the Noble Prize."[100]
  9. ^ "Many of Alchian’s students and friends believed that he well deserved a Nobel Prize in economics, but this recognition never came to him."[26]
    • "At the end of the day, was the denial of Nobel status to Armen Alchian unjust? Yes, to many of us at least."[103]
  10. ^ "Two people more than any have shaped my thinking in economics. One was Armen Alchian and the other Alan Williams."[22]
  11. ^ "Alchian interviewed me for a possible appointment at UCLA. This was the beginning of a long friendship and a very productive intellectual exchange. This exchange shaped my thinking over the decades."[59]

Citations

  1. ^ Marcus, Morton (May 18, 2014). "What 'let us assume' wording leaves out". South Bend Tribune. Archived from the original on 31 August 2021. His work, along with that of others including, notably, Armen Alchian of UCLA, became the backbone for the merged study of law and economics.
  2. ^ Wolpert, Stuart (November 5, 1998). "Nobel Laureate William F. Sharpe Awarded UCLA Medal at Ceremony Honoring UCLA Economists". newsroom.ucla.edu. UCLA Newsroom. Archived from the original on 2017-07-25. Sharpe, who won the Nobel Prize in Economic Sciences in 1990, was a student of Alchian at UCLA and considered him to be a valuable role model as well as his thesis adviser.
  3. ^ Henderson, David R.; Hooper, Charles L. (2006). Making Great Decisions in Business and Life. Chicago: Park Press. p. 16. ISBN 978-0976854104. I (DRH) ... learned this as a Ph.D. student of noted UCLA economist Armen Alchian.
  4. ^ a b Cheung, Steven N.S. (February 21, 2013). "Eulogy on Armen Alchian by Steven N.S. Cheung". Hong Kong Economic Journal (in Chinese). Translated by Fred K. Luk; Kam-Ming Wan; Chi-Wa Yuen; Michael T. Cheung. (Archived English version) "My doctoral dissertation, The Theory of Share Tenancy, was written under the co-supervision of Armen Alchian and Jack Hirshleifer."
  5. ^ "Universal Economics". libertyfund.org. Liberty Fund. Archived from the original on 11 January 2020. Jerry L. Jordan wrote his doctoral dissertation under the direction of Armen Alchian.
  6. ^ De Vany, Arthur (July 1996). "Information, Chance, and Evolution: Alchian and the Economics of Self-Organization". Economic Inquiry. 34 (3): 427. doi:10.1111/j.1465-7295.1996.tb01387.x. Smith and Hayek described it; Alchian gave the evolutionary proof.
  7. ^ a b c d e f "Armen A. Alchian: Distinguished Fellow". The American Economic Review. 87 (3). June 1997. JSTOR 2951344.
  8. ^ "California Death Index, 1940-1997," database, FamilySearch (https://familysearch.org/ark:/61903/1:1:VPC3-8M1 : 26 November 2014), Alex H Alchian, 06 Feb 1979; Department of Public Health Services, Sacramento.
  9. ^ a b ""The Armenian Adam Smith": UCLA Holds Conference in Honor of Armenian Economist". Asbarez. May 26, 2006. Archived from the original on 11 January 2020.
  10. ^ "United States Census, 1920", database with images, FamilySearch (https://www.familysearch.org/ark:/61903/1:1:MH3P-G93 : 31 January 2021), Alexander Alchian, 1920.
  11. ^ a b Read 2015, pp. 137–138.
  12. ^ a b c d e "Armen Alchian". Los Angeles Times. Legacy.com. February 24, 2013. Archived from the original on 9 January 2020.
  13. ^ "California Marriages, 1850–1945", database, FamilySearch (https://familysearch.org/ark:/61903/1:1:H9W8-2L3Z : 24 March 2020), Alexander H. Alchian, 1909.
  14. ^ a b c d e Read 2015, p. 138.
  15. ^ "Florida Death Index, 1877–1998," database, FamilySearch (https://familysearch.org/ark:/61903/1:1:VVCS-BG4 : 25 December 2014), Robert Haig Alchian, 01 Jun 1995; from "Florida Death Index, 1877–1998," index, Ancestry (www.ancestry.com : 2004); citing vol., certificate number 69005, Florida Department of Health, Office of Vital Records, Jacksonville.
  16. ^ a b Read 2015, p. 137.
  17. ^ Alchian, Armen Albert (1977). Economic Forces at Work. Liberty Press. p. 8. ISBN 978-0913966358.
  18. ^ a b c d e f g h Henderson, David R. (February 19, 2013). "An Economist Who Made the Science Less Dismal". The Wall Street Journal. (PDF)
  19. ^ a b c d e f g h Clough, Richard (May 7, 2006). "An economic tradition". Daily Bruin. Archived from the original on 8 January 2020.
  20. ^ a b Sanchez, Dan (21 February 2013). "Armen Alchian, RIP". Mises Institute. Archived from the original on 8 January 2020.
  21. ^ a b c d e f g h i Beaud, Michel; Dostaler, Gilles (1995). "ALCHIAN Armen Albert (born 1914)". Economic Thought Since Keynes: A History and Dictionary of Major Economists. London and New York: Routledge. pp. 152–153. ISBN 0415164540.
  22. ^ a b c Culyer, Anthony J. (2015). "Acceptance Speech: Standing on the Shoulders of Giants" (PDF). Value & Outcomes Spotlight. The Office of Health Economics. pp. 32–34.
  23. ^ Read 2015, p. 139.
  24. ^ a b c d e f g h i j k l m n o p Sullivan, Meg (February 19, 2013). "Obituary: Armen Alchian, 98, professor emeritus of economics at UCLA". UCLA Newsroom. University of California, Los Angeles. Archived from the original on 7 January 2020.
  25. ^ Read 2015, p. 167.
  26. ^ a b c d e f Higgs, Robert (February 19, 2013). "Armen Alchian (April 12, 1914 – February 19, 2013)". Independent Institute. Archived from the original on 7 January 2020.
  27. ^ a b Crane, Jennifer (March 7, 2013). "Professor emeritus in economics, Armen Alchian, dies". Daily Bruin. Archived from the original on 8 January 2020.
  28. ^ Nik-Khah, Edward (2011). "George Stigler, the Graduate School of Business, and the Pillars of the Chicago School". In Van Horn, Robert; Mirowski, Philip; Stapleford, Thomas A. (eds.). Building Chicago Economics: New Perspectives on the History of America's Most Powerful Economics Program. Cambridge University Press. p. 247. ISBN 978-1139004077.
  29. ^ Muris, Timothy (15 January 2003). "Improving the Economic Foundations of Competition Policy". ftc.gov. Federal Trade Commission. Archived from the original on 29 August 2021.
  30. ^ DiQuattro, Arthur (May 1980). "The Market and Liberal Values". Political Theory. 8 (2): 188. doi:10.1177/009059178000800204. JSTOR 190794. S2CID 148206353. Consider what two important neoclassicists tell students in their introductory text, Exchange and Production: Theory in Use. Alchian and Allen write...
  31. ^ Tieben, Bert (2009). The Concept of Equilibrium in Different Economic Traditions: A Historical Investigation. Rozenberg Publishers. p. 486. ISBN 978-9036101097. In the 1950s, this conclusion provoked a response from the defenders of the neoclassical theory of the firm like Alchian (1950) and Friedman (1953)...
  32. ^ Mayhew, Anne (2008). Narrating the Rise of Big Business in the USA: How Economists Explain Standard Oil and Wal-Mart. Routledge. p. 79. ISBN 9781135973445. ...Armen Alchian, a widely respected economic theorist associated with the Chicago School...
  33. ^ McCloskey, Deirdre N. (1994). Knowledge and Persuasion in Economics. Cambridge University Press. p. 160. ISBN 978-0521436038. ...that Chicago economists such as Ronald Coase and Armen Alchian...
  34. ^ "Armen A. Alchian". Independent Institute. Archived from the original on 7 January 2020.
  35. ^ a b Read 2015, p. 160.
  36. ^ Boettke, Peter J.; Zywicki, Todd J. (2017). "Law and economics: the contributions of the Austrian School of Economics". In Zywicki, Todd J.; Boettke, Peter J. (eds.). Research Handbook on Austrian Law and Economics. Cheltenham, UK: Edward Elgar Publishing. p. 23. ISBN 978-1849801133. The Austrian school of economics in its historical and contemporary embodiment, as well as the various thinkers that it influenced along the way, such as Alchian...
  37. ^ Bitetti, Rosamaria (2019). "Principles of the Austrian Tradition in the Policy Cycle". In Horwitz, Steven (ed.). Austrian Economics: The Next Generation. Emerald Publishing. p. 147. ISBN 978-1787565784. ...thinkers and authors who are not officially Austrian economists, but rather fellow travelers from Austrian-friendly schools. Just to name a few [...] Alchian and Demsetz and property rights economics...
  38. ^ Hunt, E.K.; Lautzenheiser, Mark (2011). History of Economic Thought (3rd ed.). Armonk, New York: M. E. Sharpe. p. 478. In a widely used textbook [University Economics] written from the Austrian and Chicago perspective, Armen Alchian and William Allen...
  39. ^ Ebeling, Richard (1991). Austrian Economics: Perspectives on the Past and Prospects for the Future. Hillsdale College Press. p. 53. ISBN 978-0916308834. Indeed, the “property rights revolution” in economic theory, associated with, among others, Harold Demsetz and Arman Alchian, reveals a (sometimes) unconscious debt to Austrian insights.
  40. ^ [36][37][38][39]
  41. ^ Boettke, Pete (December 27, 2010). "Boettke on Mises". EconTalk. Liberty Fund. Archived from the original on 28 February 2019. ...Alchian got a lot of those arguments from Hayek and Mises.
  42. ^ O’Driscoll, Jerry (September 9, 2010). "There is no such thing as macroeconomics". The Christian Science Monitor. Archived from the original on 10 June 2017. ...the UCLA tradition as by Mises and Hayek. Mises and Hayek had an important influence on that tradition, however.
  43. ^ Manne, Henry (January 18, 2011). "Alchian's connections with Austrian economics". coordinationproblem.org. Coordination Problem. Archived from the original on 14 September 2021. Armen Alchian's connections with Austrian economics, I also have some trivia. I first met Armen at a small conference in 1958 at which he presented a first draft of what became the seminal "Some Economics of Property Rights." He began his lecture with a lengthy quote from Mises' Human Action.
  44. ^ "Tape: Alchian (November 11, 1978)". Nobel-Prize Winning Economist Interviews. Oral History Program, University of California, Los Angeles. 1983. pp. 362–429.
  45. ^ "Armen A. Alchian interviews Friedrich A. Hayek (Part I)". The Hayek Interviews. Universidad Francisco Marroquín. November 11, 1978. Archived from the original on 10 January 2020.
  46. ^ Ebenstein, Alan (2003). Hayek's Journey: The Mind of Friedrich Hayek. Palgrave Macmillan. p. 107. ISBN 1403960380.
  47. ^ Ardalan, Kavous (2018). Case Method and Pluralist Economics: Philosophy, Methodology and Practice. Springer. p. 189. ISBN 978-3319720708. Contemporary Austrian school economists reflect a more diverse mix of intellectual traditions in economic science as they have been influenced by modern figures in economics, such as Armen Alchian...
  48. ^ a b Boettke, Peter J.; Candela, Rosolino A. (2014). "Alchian, Buchanan, and Coase: A Neglected Branch of Chicago Price Theory". Man and the Economy. De Gruyter. 1 (2): 189–208. doi:10.1515/me-2014-0022. S2CID 199575704.
  49. ^ a b c Benjamin, Daniel (February 19, 2013). "In Memoriam: Armen Alchian (1914–2013)". Property and Environment Research Center. Archived from the original on 14 September 2021.
  50. ^ a b Read 2015, p. 166.
  51. ^ Alchian, Armen A. "Property Rights". Library of Economics and Liberty. Liberty Fund. Archived from the original on 14 November 2019. About the Author: Most of his major scientific contributions are in the economics of property rights.
  52. ^ Foss, Nicolai J. (1997). "Economics, Institutions and Ludwig Von Mises". Cultural Dynamics. 9 (1): 83. doi:10.1177/092137409700900105. S2CID 143218062. Menger and Bohm-Bawerk are among the few economists to discuss property rights before Coase, Alchian and Demsetz in the 1960s laid the foundation for the property rights approach.
  53. ^ Pejovich, Svetozar (1973). "Comment on Paper by Alchian and Demsetz". The Journal of Economic History. 33 (1): 41–42. doi:10.1017/S0022050700076427. JSTOR 2117140. S2CID 155012746.
  54. ^ Boettke, Peter (June 1, 2015). "The Austrian Tradition in Economics". Libertarianism.org. Cato Institute. Archived from the original on 8 January 2020.
  55. ^ Newhard, Joseph Michael (2014-08-01). "The stock market speaks: How Dr. Alchian learned to build the bomb". Journal of Corporate Finance. 27: 116–132. doi:10.1016/j.jcorpfin.2014.05.002. ISSN 0929-1199.
  56. ^ a b Woodward, Susan (June 2017). "Memories of Armen". Journal of Corporate Finance. 44: 385–387. doi:10.1016/j.jcorpfin.2016.03.007.
  57. ^ Alchian, Armen A. (June 1950). "Uncertainty, Evolution, and Economic Theory". Journal of Political Economy. 58 (3): 211–221. doi:10.1086/256940. JSTOR 1827159. S2CID 36045710.
  58. ^ Manne, Geoffrey A.; Zywicki, Todd J. (9 March 2014). "Uncertainty, Evolution, and Behavioral Economic Theory". Journal of Law, Economics and Policy, Forthcoming. SSRN 2406175.
  59. ^ a b Brunner, Karl (March 1987). "Armen A. Alchian". Zeitschrift für die gesamte Staatswissenschaft. 143 (1): 229–231. JSTOR 40750974.
  60. ^ Alchian, Armen A. (June 1969). "Information Costs, Pricing, and Resource Unemployment". Western Economic Journal. 7 (2): 109–128.
  61. ^ a b Lott Jr., John R. (July 1996). "Armen A. Alchian's influence on economics". Economic Inquiry. 34 (3): 409–411. doi:10.1111/j.1465-7295.1996.tb01385.x.
  62. ^ Alchian, Armen A.; Demsetz, Harold (December 1972). "Production, Information Costs, and Economic Organization". The American Economic Review. 62 (5): 777–795. JSTOR 1815199.
  63. ^ Arrow, Kenneth J.; Bernheim, B. Douglas; Feldstein, Martin S.; McFadden, Daniel L.; Poterba, James M.; Solow, Robert M. (February 2011), "100 Years of the American Economic Review: The Top 20 Articles", The American Economic Review, 101 (1): 1–8, doi:10.1257/aer.101.1.1, JSTOR 41038778
  64. ^ Torgler, Benno; Piatti, Marco (2013). "Top Institutions, Top Papers and Leading Economists Publishing in AER". A Century of American Economic Review: Insights on Critical Factors in Journal Publishing. Palgrave Macmillan. p. 23. doi:10.1057/9781137333056_2. ISBN 978-1349462049.
  65. ^ Kim, E. Han; Morse, Adair; Zingales, Luigi (2006). "What Has Mattered to Economics since 1970". Journal of Economic Perspectives. 20 (4): 189–202. doi:10.1257/jep.20.4.189. JSTOR 30033690.
  66. ^ Hall, Joshua C.; Lawson, Robert A. (January 2014). "Economic Freedom Of The World: An Accounting Of The Literature". Contemporary Economic Policy. 32 (1): 2. doi:10.1111/coep.12010. S2CID 154941466. ...classical-liberal scholars including Armen Alchian, Peter Bauer, Gary Becker...
  67. ^ Chickering, A. Lawrence (1993). Beyond Left and Right: Breaking the Political Stalemate. Institute for Contemporary Studies. p. 33. ISBN 978-1558152090. ...the libertarian economist Armen Alchian...
  68. ^ Hodgson, Geoffrey M. (1999). Evolution and Institutions: On Evolutionary Economics and the Evolution of Economics. Edward Elgar Publishing. p. 162. ...the kind of Panglossian and laissez-faire conclusions that Alchian and Friedman had proposed.
  69. ^ Meister, Robert (2012). After Evil: A Politics of Human Rights. Columbia University Press. p. 236. ISBN 978-0231150378. ...Alchian's free market individualism...
  70. ^ "Mont Pelerin Society". DeSmogBlog. Archived from the original on 9 January 2020. Armen A. Alchian (1914-2013) 1957
  71. ^ a b Alchian, Armen A. (July 13, 1977). "Of Golf, Capitalism and Socialism" (PDF). The Wall Street Journal. Archived from the original (PDF) on 11 January 2020.
  72. ^ Individual and Business Tax Reduction Proposals. Hearing Before the Subcommittee on Taxation and Debt Management Generally of the Committee on Finance. United States Senate. Ninety-Fifth Congress, Second Session. July 14, 1978. U.S. Government Printing Office, Washington, 1978. p. 83
  73. ^ Friedman, Milton (1993). Why Government Is the Problem. Hoover Press. p. 8. ISBN 978-0817954437. My old friend Armen Alchian...
  74. ^ Brunie, Charles H. (April 11, 2007). "My Friend, Milton Friedman". City Journal. Archived from the original on 8 January 2020.
  75. ^ Schroeder, Gertrude E. (Summer 1988). "Property rights issues in economic reforms in socialist countries". Studies in Comparative Communism. 21 (2): 175–188. doi:10.1016/0039-3592(88)90012-9.
  76. ^ Riesman, David (1999). Conservative Capitalism: The Social Economy. St. Martin's Press. p. 149. ISBN 978-0333982785.
  77. ^ Palermo, Giulio (2007). "Misconceptions of power: From Alchian and Demsetz to Bowles and Gintis". Capital & Class. Conference of Socialist Economists. 31 (2): 147–185. doi:10.1177/030981680709200107. hdl:11379/35559. S2CID 54869425.
  78. ^ England, Richard W. (1994). Evolutionary Concepts in Contemporary Economics. University of Michigan Press. p. 11. ISBN 978-0472104833.
  79. ^ Watkins, John P. (1998). "Towards a Reconsideration of Social Evolution: Symbiosis and Its Implications for Economics". Journal of Economic Issues. 32 (1): 91. doi:10.1080/00213624.1998.11506013. JSTOR 4227280.
  80. ^ Young, Ryan (March 5, 2019). "What Do Economists Think about the Minimum Wage?". cei.org. Competitive Enterprise Institute. Archived from the original on 17 February 2022.
  81. ^ Henderson, David R. (Summer 2012). "Up From Poverty" (PDF). Regulation. Cato Institute: 68. Archived from the original (PDF) on 2021-09-18. ...Armen Alchian ... recommended that he read studies ... about how minimum wage laws dried up job opportunities for unskilled workers.
  82. ^ a b c Sharpe, William F. (1995). "William Sharpe". In Breit, William; Spencer, Roger W. (eds.). Lives of the Laureates: Thirteen Nobel Economists (3rd ed.). Cambridge, Massachusetts: The MIT Press. pp. 203–226. ISBN 978-0262023917.
  83. ^ Hanke, Steve H. (June 2016). "Remembrances of a. Currency Reformer: Some Notes and Sketches from the Field" (PDF). Studies in Applied Economics. Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise (55): 2. Archived from the original (PDF) on 2022-02-02.
  84. ^ "Obituaries". stanfordmag.org. STANFORD magazine. September 2017. Archived from the original on 10 August 2021.
  85. ^ a b c Read 2015, p. 170.
  86. ^ "California Birth Index, 1905–1995," database, FamilySearch (https://familysearch.org/ark:/61903/1:1:V2WF-ZDW : 27 November 2014), Arline Ann Alchian, 26 Apr 1943; citing Fresno, California, United States, Department of Health Services, Vital Statistics Department, Sacramento.
  87. ^ "California Birth Index, 1905–1995," database, FamilySearch (https://familysearch.org/ark:/61903/1:1:V27G-N4Q : 27 November 2014), Allen Alexander Alchian, 27 Mar 1947; citing Los Angeles, California, United States, Department of Health Services, Vital Statistics Department, Sacramento.
  88. ^ Levine, David K. "Armen A. Alchian". dklevine.com. Archived from the original on 8 January 2020.
  89. ^ a b c d e Allen, William R. (September 2010). "A Life among the Econ, Particularly at UCLA". Econ Journal Watch. 7 (3): 205–234. (archived)
  90. ^ Read 2015, p. 141.
  91. ^ McCloskey, Deirdre N. (1996). "Economic Tourism". Eastern Economic Journal. 22 (3): 365–368. JSTOR 40325725.
  92. ^ Palmer, Tom G. (March 25, 2007). "Oddballs vs. Scholars, For Negative Liberty, Against the Welfare State". cato-unbound.org. Cato Institute. Archived from the original on 4 May 2017.
  93. ^ Calcagno, Peter T.; Whitson, Whitney (June 2011). "Of Golf, Capitalism, and Socialism: An Empirical Analysis". Atlantic Economic Journal. 39 (2): 199–200. doi:10.1007/s11293-011-9267-1. S2CID 154796026.
  94. ^ Davis, William L.; Figgins, Bob; Hedengren, David; Klein, Daniel B. (May 2011). "Economics Professors' Favorite Economic Thinkers, Journals, and Blogs (along with Party and Policy Views)". Econ Journal Watch. 8 (2): 137.
  95. ^ Klein, Daniel B. (January 2009). "Desperately Seeking Smithians: Responses to the Questionnaire about Building an Identity". Econ Journal Watch. 6 (1): 113–114.
  96. ^ Blanchard III, James U. (1984). "Exclusive Interview with F.A. Hayek". Cato Policy Report. Cato Institute. VI (5): 10–12. Archived from the original on July 30, 2015., archived PDF "Q: Who's your favorite economist, besides F. A. Hayek? Hayek: Well, among the not really young ones are Armen Alchian and George Stigler. Until recently, my dear friend Lionel Robbins, who has had a stroke and is now out of action."
  97. ^ a b Williams, Walter E. (July 4, 2007). "Do People Care?". Townhall. Archived from the original on 8 January 2020.
  98. ^ Williams, Walter E. (October 11, 2018). "WILLIAMS: Finally, some real economics". Toronto Sun.
  99. ^ Boudreaux, Don (February 19, 2013). "Armen A. Alchian (1914-2013)". Cafe Hayek. Archived from the original on 8 January 2020.
  100. ^ a b Glasner, David (February 25, 2013). "Armen Alchian, The Economists' Economist". uneasymoney.com. Uneasy Money. Archived from the original on 18 September 2021.
  101. ^ Henderson, David R. (October 9, 2003). "Nobel Econometricians". The Wall Street Journal. Three main candidates come to mind: Armen Alchian...
  102. ^ Schneiderman, R.M. (October 12, 2009). "Reactions to the Nobel in Economic Science". economix.blogs.nytimes.com. The New York Times. Archived from the original on 29 August 2021.
  103. ^ McChesney, Fred S. (2014). "Magnus Magister: An Affectionate Appreciation of Armen Alchian". Journal of Law, Economics & Policy. 10 (3): 597. S2CID 185331687.
  104. ^ Ballandonne, Matthieu (2015). "Creating Increasing Returns: The Genesis of Arrow's "Learning by Doing" Article". History of Political Economy. 47 (3): 449–479. doi:10.1215/00182702-3153140.
  105. ^ Hall, Joshua C. (2020). "Academia in Anarchy: 50 years on". Public Choice. 183 (3–4): 407. doi:10.1007/s11127-020-00793-7. S2CID 216398194.
  106. ^ Lott Jr., John R. (1997). "In celebration of Armen Alchian's eightieth birthday.". In Lott Jr., John R. (ed.). Uncertainty and Economic Evolution: Essays in Honour of Armen Alchian. Routledge. p. 187.
  107. ^ Ostrom, Elinor (February 2011). "Lecture I. Frameworks Lecture II. Analyzing One-Hundred Year-Old Irrigation Puzzles" (PDF). The Tanner Lectures on Human Values. Stanford University. p. 116. Archived from the original (PDF) on 23 July 2020.
  108. ^ Lott, John (December 1978). "Spotlight: Economics Educator". Reason.
  109. ^ Demsetz, Harold (March 1987). "An Appreciation of Armen A. Alchian's Contribution to the Theory of the Firm". Zeitschrift für die gesamte Staatswissenschaft. 143 (1): 3–6. JSTOR 40750949.
  110. ^ Hanke, Steve (March 6, 2013). "Letter to the WSJ: Armen Alchian's Wise Economics". The Wall Street Journal. Cato Institute. Archived from the original on 8 January 2020.
  111. ^ "Henry G. Manne, '52, 1928–2015". law.uchicago.edu. University of Chicago Law School. Archived from the original on 8 January 2020. His intellectual heroes and intellectual peers were classical liberal economists like Friedrich Hayek, Ludwig Mises, Armen Alchian and Harold Demsetz...
  112. ^ Lueck, Dean (February 2005). "Yoram Barzel and the New Institutional Economics": 7. doi:10.2139/ssrn.744224. S2CID 153987550. SSRN 744224. More generally Barzel has been heavily influenced by Armen Alchian and a great admirer of him. ((cite journal)): Cite journal requires |journal= (help)
  113. ^ Prychitko, David L. (November 21, 2010). "That's Interesting, But Does It Pass The Alchian Test?". coordinationproblem.org. Archived from the original on 14 September 2015. I was raised on Alchian & Allen, having learned most of my economics from two of Alchian's students from the 1960s, Phil May and Howard Swaine. Alchian ranks, with Mises and Hayek, among my favorite and, I believe, most insightful, economists.
  114. ^ De Vany, Arthur (1996). "Information, chance, and evolution: Alchian and the economics of self‐organization". Economic Inquiry. 34 (3): 428. doi:10.1111/j.1465-7295.1996.tb01387.x. Alchian’s teaching shaped my understanding of economics.
  115. ^ Jordan, Jerry L. (2017). "Hayek in His Own Words". The Journal of Private Enterprise. 32 (1): 2. In a conversation with one of my teachers, Armen Alchian...
  116. ^ Klein, Peter G. (19 February 2013). "Doug Allen on Alchian". organizationsandmarkets.com. Organizations and Markets. Archived from the original on 30 August 2021. I only met Armen once, but his influence on me was profound.
  117. ^ "MONT PELERIN SOCIETY DIRECTORY – 2010" (PDF). DeSmogBlog. Archived from the original (PDF) on 2020-01-12. Retrieved 2020-01-12. Professor Armen A. Alchian 1957, Life Member
  118. ^ "Past Presidents" (PDF). 92nd Annual Conference Program. Western Economic Association International. June 2017. p. 5. Archived from the original (PDF) on 11 January 2020.
  119. ^ "Members of the American Academy of Arts and Sciences, 1780–2019 – A" (PDF). American Academy of Arts and Sciences. Archived from the original (PDF) on 9 January 2020. Alchian, Armen Albert (1914–2013) Election: 1978, Fellow
  120. ^ "Distinguished Fellows". American Economic Association. Archived from the original on 9 January 2020.
  121. ^ "Adam Smith Award". apee.org. Association of Private Enterprise Education. Archived from the original on 27 September 2021.
  122. ^ "Rescuing Social Capital from Social Democracy" (PDF). About the IEA. Institute of Economic Affairs. p. 107. Archived from the original (PDF) on 30 November 2019. Honorary Fellows: Professor Armen A Alchian
  123. ^ "Commencement" (PDF). Rochester Review. University of Rochester: 20. Summer 1983. Archived from the original (PDF) on 2020-01-09. When the 1983 Commencement finally ended, four weeks after it began, some 2,100 new degrees had been awarded, including three more honorary doctorates: to the distinguished economist Armen A. Alchian of the University of California at Los Angeles (at the GSM exercises)...
  124. ^ "Honorary Doctoral Degrees". ufm.edu. Universidad Francisco Marroquín. Archived from the original on 2011-05-01. May 8, 2010 ARMEN A. ALCHIAN
  125. ^ Levine, David K. "The Armen Alchian Chair in Economic Theory". dklevine.com. Archived from the original on 11 January 2020.
  126. ^ "Best Paper Awards". Armenian Economic Association. Archived from the original on 10 January 2020.
  127. ^ Takooshian, Harold (2020). "Armenian-Americans in the Behavioral Sciences". Main Issues of Pedagogy and Psychology. Khachatur Abovyan Armenian State Pedagogical University. 18 (2): 8. doi:10.24234/miopap.v18i2.374. ISSN 1829-1295.

Bibliography