When I was a young economics graduate student at UCLA in the early 1970s during the heyday of that wonderful department, convinced, like most of the other UCLA grad students, that I was in the best graduate program in the country (and therefore the world), where the deepest, most creative, economic theorists in the world, under the relaxed and amiable leadership of Armen Alchian — whose failure to win a Nobel Prize is really the failure of the Nobel selection committee — would eventually succeed in unifying economic theory by reformulating macroeconomics on correctly specified microfoundations, I naively entertained for a while the idea that I would write a Ph.D. dissertation on some aspect of the problem of price rigidity. However, I never could do more than formulate some general observations about the theoretical role of price rigidity in macroeconomic models and compose a superficial survey of the empirical literature…
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Utopia, you are standing in it! 
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