Tempus Fugit. The great economists of my preceding generation inevitably exit the stage. Friedrich von Hayek, George Stigler, Milton Friedman, Mancur Olson, William A. Niskanen and James M. Buchanan have already regrouped in a formidable free market paradise. They are now joined by yet another free-market giant, Armen Alchian, one of my favorite economists, and yet another member of the Editorial Advisory Board of The Locke Institute.
Armen Alchian marked his name indelibly in the history of economic thought for three important reasons.
First, he was one of the last economists of his generation to communicate economics primarily in the form of words, and not mathematical equations. Indeed he well-outlived the 1960 warning advanced by Aaron Director, Editor of the Journal of Law and Economics that by the year 2000 there would be no point in an economist submitting an article to any journal of economics in the…
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Utopia, you are standing in it! 
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