The future professor and Nobel Prize winner received his education during the years of the Great Depression when, according to him, it was more profitable to study than to trot about in search of a job. Apparently, the economic approach had always been a Stigler’s distinguishing feature. He gained scientific authority as early as during his young years by writing the book The Theory of Price – one of the most famous microeconomics textbooks up to the present day. It is a marvel that no one before Stigler had an idea to solve the problems of interaction between economics and law: these issues were tackled by him specifically and only in the second half of the 20th century. Stigler was working hard on business management and state regulation of the economy. His ideas served as the basis of the so-called Reaganomics – the period of the development of the American economy during the reign of Ronald Reagan. The Nobel Prize motivation “for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation” was perceived by the economic community without any surprise. His colleagues only regretted that the Nobel Prize was not awarded for textbooks – Stigler would have been a laureate much earlier.
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