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Chicago Price Theory
This comprehensive three-volume collection brings together the most important papers from leading economists published in the past 120 years covering a wide range of topics and issues. Along with an original introduction by the editors, this authoritative set will be of immense value to students, researchers, scholars and practitioners interested in ‘Chicago Price Theory’.
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Contributors
Contents
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The ‘Chicago Price Theory’ approach to economics has been credited with shedding light on many fundamental questions relating to traditional economics and renowned scholars including Milton Friedman, Frank Knight, George Stigler, Jacob Viner and others have each played a key role in the development of investigative techniques and methodologies. This comprehensive three-volume collection brings together the most important papers from leading economists published in the past 120 years covering a wide range of topics and issues. Along with an original introduction by the editors, this authoritative set will be of immense value to students, researchers, scholars and practitioners interested in ‘Chicago Price Theory’.
Contributors
117 articles, dating from 1890 to 1994
Contributors include: A. Alchian, G. Becker, M. Friedman, A. Harberger, F. Knight, D. Patinkin, M. Reder, S. Rosen, G. Stigler, L Telser, J. Viner
Contributors include: A. Alchian, G. Becker, M. Friedman, A. Harberger, F. Knight, D. Patinkin, M. Reder, S. Rosen, G. Stigler, L Telser, J. Viner
Contents
Contents:
Volume I
Acknowledgements
Introduction Steven G. Medema, J. Daniel Hammond and John D. Singleton
PART I TEACHING AND DOING PRICE THEORY AT CHICAGO
1. Arthur I. Bloomfield (1992), ‘On the Centenary of Jacob Viner’s Birth: A Retrospective View of the Man and His Work’
2. Don Patinkin (1973), ‘Frank Knight as Teacher’
3. George J. Stigler (1973), ‘Frank Knight as Teacher’
4. David I. Fand (1999), ‘Friedman’s Price Theory: Economics 300 at the University of Chicago in 1947–1951’
5. Gary S. Becker (1999), ‘Milton Friedman, 1921’
6. Harold Demsetz (1993), ‘George J. Stigler: Midcentury Neoclassicalist with a Passion to Quantify’
7. Thomas Sowell (1993), ‘A Student’s Eye View of George Stigler’
8. Victor R. Fuchs (1994), ‘Nobel Laureate: Gary S. Becker: Ideas About Facts’
9. Sherwin Rosen (1993), ‘Risks and Rewards: Gary Becker’s Contributions to Economics’
10. Melvin W. Reder (1982), ‘Chicago Economics: Permanence and Change’
PART II METHODOLOGY AND ECONOMIC SYSTEMS
11. Frank H. Knight ([1933] 1951), ‘Social Economic Organization’
12. Frank Hyneman Knight ([1935] 1951), ‘Statics and Dynamics’
13. Jacob Viner (1941), ‘Marshall’s Economics, in Relation to the Man and to His Times’
14. F.A. Hayek (1945), ‘The Use of Knowledge in Society’
15. Milton Friedman (1953), ‘The Methodology of Positive Economics’
16. Gary S. Becker (1976), ‘The Economic Approach to Human Behavior’
17. George J. Stigler and Gary S. Becker (1977), ‘De Gustibus Non Est Disputandum’
PART III THE THEORY OF DEMAND AND CONSUMER BEHAVIOUR
18. Alfred Marshall ([1890] 1920), ‘Gradations of Consumer Demand’
19. Frank H. Knight (1921), ‘The Theory of Choice and of Exchange’
20. Jacob Viner (1925), ‘The Utility Concept in Value Theory and its Critics’
21. Jacob Viner (1925), ‘The Utility Concept in Value Theory and its Critics: II. The Volatility Concept in Welfare Economics’
22. Frank H. Knight (1925), ‘Economic Psychology and the Value Problem’
23. Henry Schultz (1930), ‘Development of the Demand Concept’
24. W. Allan Wallis and Milton Friedman (1942), ‘The Empirical Derivation of Indifference Functions’
25. Milton Friedman and L.J. Savage (1948), ‘The Utility Analysis of Choices Involving Risk’
26. Milton Friedman (1949), ‘The Marshallian Demand Curve’
27. Milton Friedman and L.J. Savage (1952), ‘The Expected-Utility Hypothesis and the Measurability of Utility’
28. Armen A. Alchian (1953), ‘The Meaning of Utility Measurement’
29. Milton Friedman (1957), ‘Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income: Budget Studies’
30. George J. Stigler (1961), ‘The Economics of Information’
31. Zvi Griliches (1961), ‘Hedonic Price Indexes for Automobiles: An Econometric Analysis of Quality Change’
32. Gary S. Becker (1962), ‘Irrational Behavior and Economic Theory’
33. Lester G. Telser (1962), ‘The Demand for Branded Goods as Estimated from Consumer Panal Data’
34. Margaret G. Reid (1963), ‘Consumer Response to the Relative Price of Store versus Delivered Milk’
35. Gary S. Becker (1965), ‘A Theory of the Allocation of Time’
36. Robert T. Michael and Gary S. Becker (1973), ‘On the New Theory of Consumer Behavior’
37. Gary S. Becker (1974), ‘A Theory of Social Interactions’
38. Sherwin Rosen (1974), ‘Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition’
39. Gary S. Becker (1976), ‘Altruism, Egoism, and Genetic Fitness: Economics and Sociobiology’
Volume II
Acknowledgements
An introduction by the editors to all three volumes appears in Volume I
PART I PRODUCTION, COSTS AND SUPPLY
1. F.H. Knight (1917), ‘The Concept of Normal Price in Value and Distribution’
2. F.H. Knight (1921), ‘Cost of Production and Price over Long and Short Periods’
3. J. Maurice Clark (1923), ‘Different Costs for Different Purposes: An Illustrative Problem’
4. Frank H. Knight (1923), ‘The Ethics of Competition’
5. Jacob Viner (1925), ‘Objective Tests of Competitive Price Applied to the Cement Industry’
6. Frank H. Knight (1925), ‘On Decreasing Cost and Comparative Cost’
7. Charles W. Cobb and Paul H. Douglas (1928), ‘A Theory of Production’
8. Jacob Viner (1931), ‘Cost Curves and Supply Curves’
9. Jacob L. Mosak (1938), ‘Interrelations of Production, Price, and Derived Demand’
10. George Stigler (1939), ‘Production and Distribution in the Short Run’
11. George J. Stigler (1940), ‘A Note on Discontinuous Cost Curves’
12. Paul H. Douglas (1948), ‘Are there Laws of Production?’
13. George J. Stigler (1951), ‘The Division of Labor is Limited by the Extent of the Market’
14. George J. Stigler (1958), ‘The Economies of Scale’
15. Armen Alchian (1959), ‘Costs and Outputs’
16. Zvi Griliches (1960), ‘Hybrid Corn and the Economics of Innovation’
17. Jack Hirschleifer (1962), ‘The Firm’s Cost Functions: A Successful Reconstruction?’
18. Lester G. Telser (1964), ‘Advertising and Competition’
19. George J. Stigler (1968), ‘Price and Non-Price Competition’
20. Richard Thaler and Sherwin Rosen (1976), ‘The Value of Saving a Life: Evidence from the Labor Market’
PART II MONOPOLY AND ANTITRUST
21. Jacob Viner (1922), ‘The Prevalence of Dumping in International Trade. I’
22. George J. Stigler (1942), ‘The Extent and Bases of Monopoly’
23. George J. Stigler (1950), ‘Monopoly and Oligopoly by Merger’
24. G. Warren Nutter (1951), ‘The Growth of Monopoly, 1899–1939’ and ‘Appendix B: Basic Data on the Growth of Monopoly 1899–1939’
25. Aaron Director and Edward H. Levi (1957), ‘Law and the Future: Trade Regulation’
26. Arnold C. Harberger (1954), ‘Monopoly and Resource Allocation’
27. Ward S. Bowman, Jr. (1957), ‘Tying Arrangements and the Leverage Problem’
28. John S. McGee (1958), ‘Predatory Price Cutting: The Standard Oil (N.J.) Case’
29. M.L. Burstein (1960), ‘The Economics of Tie-In Sales’
30. Lester G. Telser (1960), ‘Why Should Manufacturers Want Fair Trade?’
31. Robert H. Bork and Ward S. Bowman, Jr. (1965), ‘The Crisis in Antitrust’
32. George J. Stigler (1966), ‘The Economic Effects of the Antitrust Laws’
33. Richard A. Posner (1970), ‘A Statistical Study of Antitrust Enforcement’
34. Richard A. Posner (1975), ‘The Social Costs of Monopoly and Regulation’
35. Michael Mussa and Shewin Rosen (1978), ‘Monopoly and Product Quality’
PART III MONOPOLISTIC COMPETITION AND OLIGOPOLY
36. George J. Stigler (1940), ‘Notes on the Theory of Duopoly’
37. Don Patinkin (1947), ‘Multi-Plant Firms, Cartels, and Imperfect Competition’
38. George J. Stigler (1949), ‘Monopolistic Competition in Retrospect’
39. George J. Stigler (1949), ‘A Theory of Delivered Price Systems’
40. George J. Stigler (1964), ‘A Theory of Oligopoly’
Volume III
Acknowledgements
An introduction by the editors to all three volumes appears in Volume I
PART I DISTRIBUTION THEORY
1. Milton Friedman and Simon Kuznets (1954), ‘Incomes in the Professions and in Other Pursuits’ and ‘Incomes in the Five Professions’
2. Milton Friedman (1953), ‘Choice, Chance, and the Personal Distribution of Income’
3. Melvin W. Reder (1969), ‘A Partial Survey of the Theory of Income Size Distribution’
PART II CAPITAL AND PROFIT
4. Frank Hyneman Knight ([1932] 1935), ‘Interest’
5. Frank H. Knight (1934), ‘Capital, Time, and the Interest Rate’
6. Frank H. Knight (1944), ‘Diminishing Returns from Investment’
7. Don Patinkin (1948), ‘Price Flexibility and Full Employment’
8. J. Fred Weston (1950), ‘A Generalized Uncertainty Theory of Profit’
9. J. Hirshleifer (1965), ‘Investment Decision Under Uncertainty: Choice – Theoretic Approaches’
PART III LABOUR ECONOMICS AND THE THEORY OF HUMAN CAPTIAL
10. Erika H. Schoenberg and Paul H. Douglas (1937), ‘Studies in the Supply Curve of Labor: The Relation in 1929 Between Average Earnings in American Cities and the Proportions Seeking Employment’
11. M. Bronfenbrenner (1939), ‘The Economics of Collective Bargaining’
12. Henry C. Simons (1944), ‘Some Reflections on Syndicalism’
13. George J. Stigler (1946), ‘The Economics of Minimum Wage Legislation’
14. Simon Rottenberg (1956), ‘The Baseball Players’ Labor Market’
15. Gary S. Becker (1960), ‘An Economic Analysis of Fertility’
16. M. Bronfenbrenner (1961), ‘Notes on the Elasticity of Derived Demand’
17. Theodore W. Schultz (1961), ‘Investment in Human Capital’
18. Armen A. Alchian and Reuben A. Kessel (1962), ‘Competition, Monopoly, and the Pursuit of Money’
19. Gary S. Becker (1962), ‘Investment in Human Capital: A Theoretical Analysis’
20. George J. Stigler (1962), ‘Information in the Labor Market’
21. Abert Rees (1966), ‘Information Networks in Labor Markets’
PART IV PUBLIC ECONOMICS AND WELFARE ANALYSIS
22. F.H. Knight (1924), ‘Some Fallacies in the Interpretation of Social Cost’
23. M.W. Reder (1942), ‘Welfare Economics and Rationing’
24. George J. Stigler (1943), ‘The New Welfare Economics’
25. James M. Buchanan (1949), ‘The Pure Theory of Government Finance: A Suggested Approach’
26. Milton Friedman (1952), ‘The “Welfare” Effects of an Income Tax and an Excise Tax’
27. Gary S. Becker (1958), ‘Competition and Democracy’
28. R.H. Coase (1960), ‘The Problem of Social Cost’
29. Arnold C. Harberger (1964), ‘The Measurement of Waste’
30. Arnold C. Harberger (1971), ‘Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay’
31. George J. Stigler (1970), ‘Director’s Law of Public Income Redistribution’
32. George J. Stigler (1972), ‘Economic Competition and Political Competition’
PART V REGULATION
33. George J. Stigler and Claire Friedland (1962), ‘What Can Regulators Regulate? The Case of Electricity’
34. George J. Stigler (1971), ‘The Theory of Economic Regulation’
35. Richard A. Posner (1974), ‘Theories of Economic Regulation’
36. Sam Peltzman (1976), ‘Toward a More General Theory of Regulation’
Volume I
Acknowledgements
Introduction Steven G. Medema, J. Daniel Hammond and John D. Singleton
PART I TEACHING AND DOING PRICE THEORY AT CHICAGO
1. Arthur I. Bloomfield (1992), ‘On the Centenary of Jacob Viner’s Birth: A Retrospective View of the Man and His Work’
2. Don Patinkin (1973), ‘Frank Knight as Teacher’
3. George J. Stigler (1973), ‘Frank Knight as Teacher’
4. David I. Fand (1999), ‘Friedman’s Price Theory: Economics 300 at the University of Chicago in 1947–1951’
5. Gary S. Becker (1999), ‘Milton Friedman, 1921’
6. Harold Demsetz (1993), ‘George J. Stigler: Midcentury Neoclassicalist with a Passion to Quantify’
7. Thomas Sowell (1993), ‘A Student’s Eye View of George Stigler’
8. Victor R. Fuchs (1994), ‘Nobel Laureate: Gary S. Becker: Ideas About Facts’
9. Sherwin Rosen (1993), ‘Risks and Rewards: Gary Becker’s Contributions to Economics’
10. Melvin W. Reder (1982), ‘Chicago Economics: Permanence and Change’
PART II METHODOLOGY AND ECONOMIC SYSTEMS
11. Frank H. Knight ([1933] 1951), ‘Social Economic Organization’
12. Frank Hyneman Knight ([1935] 1951), ‘Statics and Dynamics’
13. Jacob Viner (1941), ‘Marshall’s Economics, in Relation to the Man and to His Times’
14. F.A. Hayek (1945), ‘The Use of Knowledge in Society’
15. Milton Friedman (1953), ‘The Methodology of Positive Economics’
16. Gary S. Becker (1976), ‘The Economic Approach to Human Behavior’
17. George J. Stigler and Gary S. Becker (1977), ‘De Gustibus Non Est Disputandum’
PART III THE THEORY OF DEMAND AND CONSUMER BEHAVIOUR
18. Alfred Marshall ([1890] 1920), ‘Gradations of Consumer Demand’
19. Frank H. Knight (1921), ‘The Theory of Choice and of Exchange’
20. Jacob Viner (1925), ‘The Utility Concept in Value Theory and its Critics’
21. Jacob Viner (1925), ‘The Utility Concept in Value Theory and its Critics: II. The Volatility Concept in Welfare Economics’
22. Frank H. Knight (1925), ‘Economic Psychology and the Value Problem’
23. Henry Schultz (1930), ‘Development of the Demand Concept’
24. W. Allan Wallis and Milton Friedman (1942), ‘The Empirical Derivation of Indifference Functions’
25. Milton Friedman and L.J. Savage (1948), ‘The Utility Analysis of Choices Involving Risk’
26. Milton Friedman (1949), ‘The Marshallian Demand Curve’
27. Milton Friedman and L.J. Savage (1952), ‘The Expected-Utility Hypothesis and the Measurability of Utility’
28. Armen A. Alchian (1953), ‘The Meaning of Utility Measurement’
29. Milton Friedman (1957), ‘Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income: Budget Studies’
30. George J. Stigler (1961), ‘The Economics of Information’
31. Zvi Griliches (1961), ‘Hedonic Price Indexes for Automobiles: An Econometric Analysis of Quality Change’
32. Gary S. Becker (1962), ‘Irrational Behavior and Economic Theory’
33. Lester G. Telser (1962), ‘The Demand for Branded Goods as Estimated from Consumer Panal Data’
34. Margaret G. Reid (1963), ‘Consumer Response to the Relative Price of Store versus Delivered Milk’
35. Gary S. Becker (1965), ‘A Theory of the Allocation of Time’
36. Robert T. Michael and Gary S. Becker (1973), ‘On the New Theory of Consumer Behavior’
37. Gary S. Becker (1974), ‘A Theory of Social Interactions’
38. Sherwin Rosen (1974), ‘Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition’
39. Gary S. Becker (1976), ‘Altruism, Egoism, and Genetic Fitness: Economics and Sociobiology’
Volume II
Acknowledgements
An introduction by the editors to all three volumes appears in Volume I
PART I PRODUCTION, COSTS AND SUPPLY
1. F.H. Knight (1917), ‘The Concept of Normal Price in Value and Distribution’
2. F.H. Knight (1921), ‘Cost of Production and Price over Long and Short Periods’
3. J. Maurice Clark (1923), ‘Different Costs for Different Purposes: An Illustrative Problem’
4. Frank H. Knight (1923), ‘The Ethics of Competition’
5. Jacob Viner (1925), ‘Objective Tests of Competitive Price Applied to the Cement Industry’
6. Frank H. Knight (1925), ‘On Decreasing Cost and Comparative Cost’
7. Charles W. Cobb and Paul H. Douglas (1928), ‘A Theory of Production’
8. Jacob Viner (1931), ‘Cost Curves and Supply Curves’
9. Jacob L. Mosak (1938), ‘Interrelations of Production, Price, and Derived Demand’
10. George Stigler (1939), ‘Production and Distribution in the Short Run’
11. George J. Stigler (1940), ‘A Note on Discontinuous Cost Curves’
12. Paul H. Douglas (1948), ‘Are there Laws of Production?’
13. George J. Stigler (1951), ‘The Division of Labor is Limited by the Extent of the Market’
14. George J. Stigler (1958), ‘The Economies of Scale’
15. Armen Alchian (1959), ‘Costs and Outputs’
16. Zvi Griliches (1960), ‘Hybrid Corn and the Economics of Innovation’
17. Jack Hirschleifer (1962), ‘The Firm’s Cost Functions: A Successful Reconstruction?’
18. Lester G. Telser (1964), ‘Advertising and Competition’
19. George J. Stigler (1968), ‘Price and Non-Price Competition’
20. Richard Thaler and Sherwin Rosen (1976), ‘The Value of Saving a Life: Evidence from the Labor Market’
PART II MONOPOLY AND ANTITRUST
21. Jacob Viner (1922), ‘The Prevalence of Dumping in International Trade. I’
22. George J. Stigler (1942), ‘The Extent and Bases of Monopoly’
23. George J. Stigler (1950), ‘Monopoly and Oligopoly by Merger’
24. G. Warren Nutter (1951), ‘The Growth of Monopoly, 1899–1939’ and ‘Appendix B: Basic Data on the Growth of Monopoly 1899–1939’
25. Aaron Director and Edward H. Levi (1957), ‘Law and the Future: Trade Regulation’
26. Arnold C. Harberger (1954), ‘Monopoly and Resource Allocation’
27. Ward S. Bowman, Jr. (1957), ‘Tying Arrangements and the Leverage Problem’
28. John S. McGee (1958), ‘Predatory Price Cutting: The Standard Oil (N.J.) Case’
29. M.L. Burstein (1960), ‘The Economics of Tie-In Sales’
30. Lester G. Telser (1960), ‘Why Should Manufacturers Want Fair Trade?’
31. Robert H. Bork and Ward S. Bowman, Jr. (1965), ‘The Crisis in Antitrust’
32. George J. Stigler (1966), ‘The Economic Effects of the Antitrust Laws’
33. Richard A. Posner (1970), ‘A Statistical Study of Antitrust Enforcement’
34. Richard A. Posner (1975), ‘The Social Costs of Monopoly and Regulation’
35. Michael Mussa and Shewin Rosen (1978), ‘Monopoly and Product Quality’
PART III MONOPOLISTIC COMPETITION AND OLIGOPOLY
36. George J. Stigler (1940), ‘Notes on the Theory of Duopoly’
37. Don Patinkin (1947), ‘Multi-Plant Firms, Cartels, and Imperfect Competition’
38. George J. Stigler (1949), ‘Monopolistic Competition in Retrospect’
39. George J. Stigler (1949), ‘A Theory of Delivered Price Systems’
40. George J. Stigler (1964), ‘A Theory of Oligopoly’
Volume III
Acknowledgements
An introduction by the editors to all three volumes appears in Volume I
PART I DISTRIBUTION THEORY
1. Milton Friedman and Simon Kuznets (1954), ‘Incomes in the Professions and in Other Pursuits’ and ‘Incomes in the Five Professions’
2. Milton Friedman (1953), ‘Choice, Chance, and the Personal Distribution of Income’
3. Melvin W. Reder (1969), ‘A Partial Survey of the Theory of Income Size Distribution’
PART II CAPITAL AND PROFIT
4. Frank Hyneman Knight ([1932] 1935), ‘Interest’
5. Frank H. Knight (1934), ‘Capital, Time, and the Interest Rate’
6. Frank H. Knight (1944), ‘Diminishing Returns from Investment’
7. Don Patinkin (1948), ‘Price Flexibility and Full Employment’
8. J. Fred Weston (1950), ‘A Generalized Uncertainty Theory of Profit’
9. J. Hirshleifer (1965), ‘Investment Decision Under Uncertainty: Choice – Theoretic Approaches’
PART III LABOUR ECONOMICS AND THE THEORY OF HUMAN CAPTIAL
10. Erika H. Schoenberg and Paul H. Douglas (1937), ‘Studies in the Supply Curve of Labor: The Relation in 1929 Between Average Earnings in American Cities and the Proportions Seeking Employment’
11. M. Bronfenbrenner (1939), ‘The Economics of Collective Bargaining’
12. Henry C. Simons (1944), ‘Some Reflections on Syndicalism’
13. George J. Stigler (1946), ‘The Economics of Minimum Wage Legislation’
14. Simon Rottenberg (1956), ‘The Baseball Players’ Labor Market’
15. Gary S. Becker (1960), ‘An Economic Analysis of Fertility’
16. M. Bronfenbrenner (1961), ‘Notes on the Elasticity of Derived Demand’
17. Theodore W. Schultz (1961), ‘Investment in Human Capital’
18. Armen A. Alchian and Reuben A. Kessel (1962), ‘Competition, Monopoly, and the Pursuit of Money’
19. Gary S. Becker (1962), ‘Investment in Human Capital: A Theoretical Analysis’
20. George J. Stigler (1962), ‘Information in the Labor Market’
21. Abert Rees (1966), ‘Information Networks in Labor Markets’
PART IV PUBLIC ECONOMICS AND WELFARE ANALYSIS
22. F.H. Knight (1924), ‘Some Fallacies in the Interpretation of Social Cost’
23. M.W. Reder (1942), ‘Welfare Economics and Rationing’
24. George J. Stigler (1943), ‘The New Welfare Economics’
25. James M. Buchanan (1949), ‘The Pure Theory of Government Finance: A Suggested Approach’
26. Milton Friedman (1952), ‘The “Welfare” Effects of an Income Tax and an Excise Tax’
27. Gary S. Becker (1958), ‘Competition and Democracy’
28. R.H. Coase (1960), ‘The Problem of Social Cost’
29. Arnold C. Harberger (1964), ‘The Measurement of Waste’
30. Arnold C. Harberger (1971), ‘Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay’
31. George J. Stigler (1970), ‘Director’s Law of Public Income Redistribution’
32. George J. Stigler (1972), ‘Economic Competition and Political Competition’
PART V REGULATION
33. George J. Stigler and Claire Friedland (1962), ‘What Can Regulators Regulate? The Case of Electricity’
34. George J. Stigler (1971), ‘The Theory of Economic Regulation’
35. Richard A. Posner (1974), ‘Theories of Economic Regulation’
36. Sam Peltzman (1976), ‘Toward a More General Theory of Regulation’