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Foundations of contemporary economics: George Stigler and the Chicago school of economics – on price theory and information economics

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  • Henrik Egbert
  • Teodor Sedlarski
  • Aleksandar B. Todorov

Abstract

George Josef Stigler is known as the scientist who strongly influenced the formation of the Chicago School of Economics. He promoted the idea of expanding price theory beyond the boundaries of economics and developed it into a universal model for the analysis of human behaviour, known as the economic approach to human behaviour. His research inspired the Public Choice literature and the Economic Theory of Law. Besides, Stigler made numerous contributions which nowadays are integral parts of economic theory. In this essay we summarize some of Stigler’s outstanding contributions, particularly his work on information economics and the economic theory of regulation.

Suggested Citation

  • Henrik Egbert & Teodor Sedlarski & Aleksandar B. Todorov, 2022. "Foundations of contemporary economics: George Stigler and the Chicago school of economics – on price theory and information economics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 452-472.
    • Handle: RePEc:bas:econth:y:2022:i:4:p:452-472
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • D49 - Microeconomics - - Market Structure, Pricing, and Design - - - Other
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • L00 - Industrial Organization - - General - - - General

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