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Between Old and New: George Stigler’s Chicago Price Theory

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George Stigler

Abstract

The epigram in Alfred Marshall’s Principles of Economics, a keystone text for Chicago price theory, is natura non facit saltum—nature does not move in jumps. This chapter applies Marshall’s adage to the development of George J. Stigler’s understanding and practice of price theory. We begin with Stigler’s earliest writings when he was a graduate student, proceeding through his career to the point when, as a mature scholar Stigler wrote reflections on the place of his ideas in the changing landscape of neoclassical economics. The chapter identifies threads that run throughout Stigler’s work from beginning to end, along with other threads that change their twist over the course of his career. The chapter demonstrates the importance of history and biography to understanding of economic ideas.

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Acknowledgements

I thank Craig Freedman, David Mitch, and Steve Medema for comments on earlier drafts.

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Authors and Affiliations

  1. Eudaimonia Institute, Wake Forest University, Winston-Salem, NC, USA

    J. Daniel Hammond

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  1. J. Daniel Hammond
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Correspondence to J. Daniel Hammond .

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Editors and Affiliations

  1. University of New South Wales, Sydney, NSW, Australia

    Craig Freedman

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Hammond, J.D. (2020). Between Old and New: George Stigler’s Chicago Price Theory. In: Freedman, C. (eds) George Stigler. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-56815-1_19

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  • DOI: https://doi.org/10.1057/978-1-137-56815-1_19

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  • Publisher Name: Palgrave Macmillan, London

  • Print ISBN: 978-1-137-56814-4

  • Online ISBN: 978-1-137-56815-1

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