Armen Alchian
| Armen Alchian | |
|---|---|
 |
|
| Born |
April 12, 1914 Fresno, California |
| Died | February 19, 2013 (aged 98) Los Angeles, California |
| School or tradition |
New institutional economics |
| Alma mater | Stanford University (B.A., PhD) |
| Doctoral students |
William F. Sharpe |
| Influenced | Steven N. S. Cheung,Harold Demsetz, Walter E. Williams, Thomas Sowell |
| Information at IDEAS / RePEc | |
Armen Albert Alchian (April 12, 1914 – February 19, 2013) was an American economist and an emeritus professor of economics at the University of California, Los Angeles.
Alchian was born in Fresno, California into a family with Armenian background. He attended California State University, Fresno for two years before transferring to Stanford University in 1934, where he earned both a B.A. (1936) and a Ph.D. (1944). He served as a statistician with the USA Army Air Corps, from 1942 to 1946. In 1946, he joined the Economics Department at UCLA, where he spent the rest of his career. For many years, he was affiliated with the Rand Corporation. Alchian was elected a Fellow of the American Academy of Arts and Sciences in 1978. In 1996, he became a Distinguished Fellow of the American Economic Association and in 2010 he received an honorary doctorate degree from Universidad Francisco Marroquín. He is told to have been a member of Mont Pelerin Society.
Alchian is the founder of the "UCLA tradition" in economics, a member of the Chicago school of economics, and one of the more prominent price theorists of the second half of the 20th century. He is the author of pathbreaking articles on information and uncertainty, and the theory of the firm. Through his writings on property rights and transaction costs, he is a founder of the new institutional economics. Alchian's writings have touched on topics conventionally viewed as macroeconomic: money, inflation, unemployment, and the theory of business investment. His writings are characterized by lucid witty exposition and a minimum of mathematical formalism.
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