When I first started writing this blog 2 years ago, I wrote a post about Armen Alchian and hist famous paper, Uncertainty, Evolution, and Economic Theory. Looking back, there’s a lot of things I don’t like about that post, so I’ve decided to rewrite it and hope for a better result.
Like Ronald Coase, Armen Alchian didn’t publish many articles, but the ones he did publish are considered seminal. His papers influenced several schools of thought, ranging from New Institutional Economics, to Neoclassical Economics, to Evolutionary Economics. But unlike Coase, the breadth of his thought is too wide to narrowly group him in one these schools. For me at least, to call him a puzzling figure in the history of economic thought is an understatement.
Despite his somewhat odd legacy, his stature in the economic profession is undeniable. After his death, economists wrote glowingobituaries about his contributions to economic theory. Whether…
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