Liberty Fund is proud to present, in two volumes, The Collected Works of Armen A. Alchian, bringing together Alchian’s most influential essays, articles, editorials, and lectures to provide a comprehensive record of his thinking on a broad range of topics in economics.
Armen A. Alchian is one of the twentieth century’s great teachers of economic science and the co-author, with William R. Allen, of the classic textbook University Economics. Born in 1914 in Fresno, California, he studied at Stanford, finishing his Ph.D. dissertation in 1943. He became a full professor at UCLA in 1958. He is known as the founder of the “UCLA tradition” in economics, which emphasizes that individual behavior is self-seeking and rational and that this can have many unanticipated consequences. Alchian has become recognized as one of the most influential voices in the areas of market structure, the theory of the firm, law and economics, resource unemployment, monetary theory, and monetary policy.
“No one has ever done price theory better than Alchian—that is, no one has ever excelled Alchian’s ability to explain the reason, role, and nuances of prices, of competition, and of property rights. And only a precious few—I can count them on my fingers—have a claim for being considered to have done price theory as well as he did it.” —Donald Boudreaux, George Mason University