The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Alchian, Armen Albert (born 1914)

  • Steven N. S. Cheung
Reference work entry


Alchian was born in Fresno, California, in 1914. During his economic education at Stanford he inherited from his statistics teacher, Allen Wallis, an insatiable curiosity about real-world observations. Alchian invariably aims toward the derivation of testable implications. Whether his subject is charity, tenure, organization, money, inflation, or unemployment, he adheres firmly to the elementary principles of price theory.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Steven N. S. Cheung
    • 1
  1. 1.