STIGLER’S INFLUENTIAL CONTRIBUTION TO ECONOMIC THOUGHT
This paper analyzes George J. Stigler’s influential contributions to economic ideas, specifically on industrial structures, the functioning of markets, the causes and effects of public regulation, the economics of information, and on the development of economic thought. Stigler’s most influential co...
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| Format: | Article |
| Language: | English |
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Universitas Gadjah Mada
2017-01-01
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| Series: | Journal of Indonesian Economy and Business |
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| Online Access: | https://jurnal.ugm.ac.id/jieb/article/view/22981/17189 |
| Summary: | This paper analyzes George J. Stigler’s influential contributions to economic ideas, specifically on industrial structures, the functioning of markets, the causes and effects of public regulation, the economics of information, and on the development of economic thought. Stigler’s most influential contribution to economic thought came in his work on information theory. Treating information as a valuable commodity, he explained why prices differ for identical goods. From his work, many other theories have been built to explain economic behavior. A considerable number of works on decision making under uncertainty could not have progressed without an understanding of the role of information. His swing of the pendulum in economic regulation constitutes a great turnabout. He started research, known as public choice, which assumes that government policymakers are driven by self-interest rather than pure concern for the public’s welfare. His views have now become those of the mainstream. |
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| ISSN: | 2085-8272 2338-5847 |