GEORGE STIGLER Meaning and
Definition
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George Stigler was an American economist and Nobel laureate known for his contributions to the field of industrial organization. Born in 1911 in Washington, D.C., Stigler had a significant impact on the development of economic thought, particularly through his work on the economics of information.
Stigler's research primarily focused on the intersection of economics and law, with a particular emphasis on analyzing market structures, regulatory policies, and the influence of information asymmetry on economic outcomes. He played a key role in advancing the understanding of how markets function, highlighting the role of competition in promoting efficiency and innovation.
One of Stigler's most significant contributions was the concept of "capture theory," which analyzed how regulatory agencies could be influenced by the industries they were intended to regulate. He argued that government regulation designed to protect the public interest could be undermined by the very industries they sought to control, leading to captured agencies that acted in favor of these industries instead.
Through his teaching, research, and influential publications, Stigler greatly shaped the field of economics. His ideas and analyses continue to be widely studied and referenced in academic circles. Stigler received the Nobel Prize in Economic Sciences in 1982 for his seminal work on the economic theory of regulation and the functioning of markets. He passed away in 1991, leaving behind a lasting legacy in the field of economics.
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