by Jerry O’Driscoll
Not my words, but those of Armen Alchian, as reported by William Allen in Econ Journal Watch. Allen has written his memoirs and a history of UCLAs economics department in “A Life Among the Econ, Particularly at UCLA.” To a great extent, it is the story of Alchian and the core group around him in the 1950s, 60s and 70s. Allen was co-author with Alchian of University Economics, an influential undergraduate textbook that inspired Paul Heyne’s Economic Way of Thinking.
My own way of thinking was influenced as much by the UCLA tradition as by Mises and Hayek. Mises and Hayek had an important influence on that tradition, however. An emphasis on decision making under uncertainty and incomplete information was its hallmark. All social phenomena could be analyzed by economics, and the economic analysis was micro.
Alchian didn’t deny there were aggregate economic phenomena, only…
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Utopia, you are standing in it! 
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