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George Stigler pp 721-753 | Cite as

Stigler on the Science of Economics: A Tale of Two Knights

  • Peter J. BoettkeEmail author
  • Rosolino A. Candela
Chapter
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Abstract

Our focus in this chapter will be on the methodological role that Stigler played in validating what he regarded as the science of economics that he had inherited from his own teacher, Frank Knight, and how this affected his understanding not only of economic theory but also public policy. Stigler’s understanding of economic science, viewed from a Knightian perspective, illustrates the evolution of economic science in twentieth-century neoclassical economics in two respects. First, it illustrates what was deemphasized and what was later carried forward from Knight by the generation of Chicago economists following WWII. Second, it highlights how Stigler’s understanding of Knight contributed and detracted from the mainline of economic science and its public policy relevance.

Keywords

George Stigler James Buchanan Economic science Public policy 

JEL Codes

B31 B41 D01 

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Copyright information

© The Author(s) 2020

Authors and Affiliations

  1. 1.Department of EconomicsGeorge Mason UniversityFairfaxUSA
  2. 2.F.A. Hayek ProgramMercatus Center at George Mason UniversityFairfaxUSA

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