George Joseph Stigler

George Joseph Stigler
(1911 - 1991)

American economist whose incisive and unorthodox studies of marketplace behaviour and the effects of government regulation won him the 1982 Nobel Prize for Economics.
After graduating from the University of Washington in 1931, Stigler took a business degree at Northwestern University in 1932 and a Ph.D. in economics at the University of Chicago in 1938. He taught at Iowa State College in 1936-38, the University of Minnesota in 1938-46, Brown University in 1946-47, Columbia University in 1947-58, and the University of Chicago from 1958. From 1963 he was Charles R. Walgreen distinguished service professor of American institutions, becoming emeritus in 1981. At Chicago he founded in 1977 the Center for the Study of the Economy and the State.

Among Stigler's notable contributions to economics were his study of the economics of information, an important elaboration of the traditional understanding of how efficient markets operate, and his studies of public regulation, in which he concluded that at best it has little influence and that it is usually detrimental to consumer interests. Stigler's publications include The Theory of Price (1942), a textbook of microeconomics; The Intellectual and the Market Place (1964); Essays in the History of Economic Thought (1965); The Citizen and the State (1975); and The Economist as Preacher, and Other Essays (1982).