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Chicago Price Theory Volume I Chicago Price Theory Volume I Edited by J. Daniel Hammond Wake Forest University, USA Steven G. Medema University of Colorado Denver, USA and John D. Singleton Duke University, USA THE INTERNATIONAL LIBRARY OF CRITICAL WRITINGS IN ECONOMICS An Elgar Research Collection Cheltenham, UK • Northampton, MA, USA Contents Acknowledgements ix Introduction J. Daniel Hammond, Steven G. Medema and John D. Singleton xiii PART I TEACHING AND DOING PRICE THEORY AT CHICAGO 1. Arthur I. Bloomfield (1992), 'On the Centenary of Jacob Viner's Birth: A Retrospective View of the Man and His Work', Journal of Economic Literature, XXX (4), December, 2052-85 3 2. Don Patinkin (1973), 'Frank Knight as Teacher', American Economic Review, 63 (5), December, 787-810 37 3. George J. Stigler (1973), 'Frank Knight as Teacher', Journal of Political Economy, 81 (3), May-June, 518-20 61 4. David I. Fand (1999), 'Friedman's Price Theory: Economics 300 at the University of Chicago in 1947-1951', in J. Daniel Hammond (ed.), The Legacy of Milton Friedman as Teacher, Volume I, Chapter 2, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 309-21 64 5. Gary S. Becker (1999), 'Milton Friedman, 1912-', in J. Daniel Hammond (ed.), The Legacy of Milton Friedman as Teacher, Volume I, Chapter 4, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 138, 140-146 77 6. Thomas Sowell (1993), 'A Student's Eye View of George Stigler', Journal of Political Economy, 101 (5), October, 784-92 85 7. Harold Demsetz (1993), 'George J. Stigler: Midcentury Neoclassicalist with a Passion to Quantify', Journal of Political Economy, 101 (5), October, 793-808 94 8. Victor R. Fuchs (1994), 'Nobel Laureate: Gary S. Becker: Ideas About Facts', Journal of Economic Perspectives, 8 (2), Spring, 183-92 110 9. Sherwin Rosen (1993), 'Risks and Rewards: Gary Becker's Contributions to Economics', Scandinavian Journal of Economics, - 95(1), March, 25-36 120 10. Melvin W. Reder (1982), 'Chicago Economics: Permanence and Change', Journal of Economic Literature, XX (1), March, 1-38 132 PART II METHODOLOGY AND ECONOMIC SYSTEMS 11. Frank H. Knight ([1933] 1951), 'Social Economic Organization', in The Economic Organization, Chapter 1, New York, NY: Augustus M. Kelley, Inc., 3-30 173 vi Chicago Price Theory I 12. Frank H. Knight ([1935] 1951), 'Statics and Dynamics', in The Ethics of Competition and Other Essays, Chapter VI, New York, NY: Augustus M. Kelley, Inc., 161-85 201 13. Jacob Viner (1941), 'Marshall's Economics, in Relation to the Man and to His Times', American Economic Review, XXXI (2), June, 223-35 -226 14. F.A. Hayek (1945), 'The Use of Knowledge in Society', American Economic Review, XXXV (4), September, 519-30 239 15. Milton Friedman (1953), 'The Methodology of Positive Economics', in Essays in Positive Economics, Part 1, Chicago, IL and London, UK: Chicago University Press, 3^13 . 251 16. Gary S. Becker (1976), 'The Economic Approach to Human Behavior', in The Economic Approach to Human Behavior, Chapter 1, Chicago, IL and London, UK: Chicago University Press, 3-14, references 292 17. George J. Stigler and Gary S. Becker (1977), 'De Gustibus Non Est Disputandum', American Economic Review, 67 (2), March, 76-90 305 PART III THE THEORY OF DEMAND AND CONSUMER BEHAVIOUR 18. Alfred Marshall ([1890] 1920), 'Gradations of Consumers' Demand', in Principles of Economics, Book III, Chapter III, London, UK and New York, NY: Macmillan and Co., 92-101 323 19. Frank H. Knight (1921), 'The Theory of Choice and of Exchange', in Risk, Uncertainty, and Profit, Chapter 3, Boston, MA and New York, NY: Houghton Mifflin Company, 51-93 333 20. Jacob Viner (1925), 'The Utility Concept in Value Theory and its Critics', Journal of Political Economy, 33 (4), August, 369-87 376 21. Jacob Viner (1925), 'The Utility Concept in Value Theory and its Critics: II. The Utility Concept in Welfare Economics', Journal of Political Economy, 33 (6), December, 638-59 395 22. Frank H. Knight (1925), 'Economic Psychology and the Value Problem', Quarterly Journal of Economics, 39 (3), May, 372^109 417 23. Henry Schultz (1930), 'Development of the Demand Concept', in The Meaning of Statistical Demand Curves, Chapter 1, Chicago, IL: University of Chicago Press, 1-10, reset 455 24. W. Allen Wallis and Milton Friedman (1942), 'The Empirical Derivation of Indifference Functions', in Oscar Lange, Francis Mclntyre and Theodore O. Yntema (eds), Studies in Mathematical Economics and Econometrics: In Memory of Henry Schultz, Chicago, IL: University of Chicago Press, 175-89 460 25. Milton Friedman and L.J. Savage (1948), 'The Utility Analysis of Choices Involving Risk', Journal of Political Economy, LVI (4), August, 279-304 475 26. Milton Friedman (1949), 'The Marshallian Demand Curve', Journal of Political Economy, LVII (6), December, 463-95 501 Chicago Price Theory I vii 27. Milton Friedman and L.J. Savage (1952), 'The Expected-Utility Hypothesis and the Measurability of Utility', Journal of Political Economy, LX (6), December, 463-74 534 28. Armen A. Alchian (1953), 'The Meaning of Utility Measurement', American Economic Review, 43 (1), March, 26-50 546 29. Milton Friedman (1957), 'Consistency of the Permanent Income Hypothesis with Existing Evidence on the Relation between Consumption and Income: Budget Studies', A Theory of the Consumption Function, Chapter IV, Princeton, NJ: Princeton University Press, 38-114 571 30. George J. Stigler (1961), 'The Economics of Information', Journal of Political Economy, LXIX (3), June, 213-25 648 31. Zvi Griliches (1961), 'Hedonic Price Indexes for Automobiles: An Econometric Analysis of Quality Change', in The Price Statistics of the Federal Government: Review, Appraisal, and Recommendations, Washington, DC: National Bureau of Economic Research, Inc., 173-96 661 32. Gary S. Becker (1962), 'Irrational Behavior and Economic Theory', Journal of Political Economy, LXX (1), February, 1-13 685 33. Lester G. Telser (1962), 'The Demand for Branded Goods as Estimated from Consumer Panel Data', Review of Economics and Statistics, 44 (3), August, 300-324 698 34. Margaret G. Reid (1963), 'Consumer Response to the Relative Price of Store versus Delivered Milk', Journal of Political Economy, 71 (2), April, 180-86 723 35. Gary S. Becker (1965), 'A Theory of the Allocation of Time', Economic Journal, LXXV (299), September, 493-517 730 36. Robert T. Michael and Gary S. Becker (1973), 'On the New Theory of Consumer Behavior', Swedish Journal of Economics, 75 (4), December, 378-96 755 37. Gary S. Becker (1974), 'A Theory of Social Interactions', Journal of Political Economy, 82 (6), November-December, 1063-93 774 38. Sherwin Rosen (1974), 'Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition', Journal of Political Economy, 82 (1), January-February, 34-55 805 39. Gary S. Becker (1976), 'Altruism, Egoism, and Genetic Fitness: Economics and Sociobiology', Journal of Economic Literature, 14 (3), September, 817-26 827 Chicago Price Theory Volume II Edited by J. Daniel Hammond Wake Forest University, USA Steven G. Medema University of Colorado Denver, USA and John D. Singleton Duke University, USA THE INTERNATIONAL LIBRARY OF CRITICAL WRITINGS IN ECONOMICS An Elgar Research Collection Cheltenham, UK • Northampton, MA, USA Contents Acknowledgements ix An introduction by the editors to all three volumes appears in Volume I PART I PRODUCTION, COSTS AND SUPPLY 1. F.H. Knight (1917), 'The Concept of Normal Price in Value and Distribution', Quarterly Journal of Economics, 32 (1), November, 66-100 3 2. F.H. Knight (1921), 'Cost of Production and Price over Long and Short Periods', Journal of Political Economy, 29 (4), April, 304—35 38 3. J. Maurice Clark (1923), 'Different Costs for Different Purposes: An Illustrative Problem', Studies in the Economics of Overhead Costs, Chapter IX, Chicago, IL: Chicago University Press, 175-203 70 4. Frank H. Knight (1923), 'The Ethics of Competition', Quarterly Journal of Economics, 37 (4), August, 579-624 99 5. Jacob Viner (1925), 'Objective Tests of Competitive Price Applied to the Cement Industry', Journal of Political Economy, 33 (1), February, 107-11 145 6. Frank H. Knight (1925), 'On Decreasing Cost and Comparative Cost', Quarterly Journal of Economics, 39 (2), February, 331-33 150 7. Charles W. Cobb and Paul H. Douglas (1928), 'A Theory of Production', American Economic Review, 18 (1), March, 139-65 153 8. Jacob Viner (1931), 'Cost Curves and Supply Curves', Zeitschrift fur Nationaldkonomie, 3 (1), September, 23-46 180 9. Jacob L. Mosak (1938), 'Interrelations of Production, Price, and Derived Demand', Journal of Political Economy, 46 (6), December, 761-87 204 10. George Stigler (1939), 'Production and Distribution in the Short Run', Journal of Political Economy, 47 (3), June, 305-27 231 11. George J. Stigler (1940), 'A Note on Discontinuous Cost Curves', American Economic Review, 30 (4), December, 832-35 254 12. Paul H. Douglas (1948), 'Are there Laws of Production?', American Economic Review, XXXVIII (1), March, 1—41 258 13. George J. Stigler (1951), 'The Division of Labor is Limited by the Extent of the Market', Journal of Political Economy, LIX (3), June, 185-93 299 14. George J. Stigler (1958), 'The Economies of Scale', Journal of Law and Economics, 1, October, 54—71 308 vi Chicago Price Theory II 15. Armen Alchian (1959), 'Costs and Outputs', in Moses Abramovitz (ed.), The Allocation of Economic Resources: Essays in Honor of Barnard Francis Haley, Stanford, CA: Stanford University Press, 23-40 326 16. Zvi Griliches (1960), 'Hybrid Corn and the Economics of Innovation', Science, 132 (3422), July, 275-80 344 17. Jack Hirshleifer (1962), 'The Firm's Cost Function: A Successful Reconstruction?', Journal of Business, XXXV (3), July, 235-55 350 18. Lester G. Telser (1964), 'Advertising and Competition', Journal of Political Economy, LXXII (6), December, 537-62 371 19. George J. Stigler (1968), 'Price and Non-Price Competition', Journal of Political Economy, 76 (1), January-February, 149-54 397 20.
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