Memoirs of an Unregulated Economist [Paperback]

George J. Stigler (Author)

Book Description

ISBN-10: 0226774406 | ISBN-13: 978-0226774404 | Publication Date: March 15, 2003 | Edition: 1

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.

Editorial Reviews

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. --This text refers to an out of print or unavailable edition of this title.

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 )

“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 )

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Product Details

• Paperback: 240 pages
• Publisher: University Of Chicago Press; 1 edition (March 15, 2003)
• Language: English
• ISBN-10: 0226774406
• ISBN-13: 978-0226774404
• Product Dimensions: 7.8 x 5.2 x 0.7 inches
• Shipping Weight: 4.8 ounces (View shipping rates and policies)
• Average Customer Review: 4.2 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #974,105 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

3 of 3 people found the following review helpful:

4.0 out of 5 stars Nobel Prize Winning Book, November 8, 2006

By 

Zecon - See all my reviews

This review is from: Memoirs of an Unregulated Economist (Paperback)

As a trained economist, I appreciated the insider's view of economic history that Stigler provides. His intimate recollection of the famous Chicago School of Economics, its professors, and ideas make this book well worth buying. An economic historian by trade and passion, Stigler has a knack for vividly recalling key events. He discusses his relationships with famous economists such as Friedman and Beck. He also provides detail of how certain ideas crept into the mainstream of economic theory. For example, Stigler warmly recalls the `eureka' moment when Ronald Coase convinced his colleagues at the Chicago School of the logic supporting the Coase Theorem. That alone makes this book well worth it.

4 of 5 people found the following review helpful:

4.0 out of 5 stars A Witty Tour of The Chicago School, April 12, 2004

By 

Joshua C. Hall (Finleyville, PA) - See all my reviews

This review is from: Memoirs of an Unregulated Economist (Hardcover)

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."

4 of 7 people found the following review helpful:

5.0 out of 5 stars Fascinating, accessible style, humorous--a must read for all, April 3, 1997

By A Customer

This review is from: Memoirs of an Unregulated Economist (The Sloan Science Series) (Paperback)

Nobel prize-winning author George Stigler provides insight into the working of a great mind and the notorious "Chicago School" of economics. Worthwhile for its presentation of the human side of the "dismal science" as well as its clear explanation of basic concepts of Stigler's economic theory. Stigler holds nothing back and delivers a frank and modest account of his life and dealings with other prominent economists