About Armen Alchian
Armen Albert Alchian was an American economist who made major contributions to microeconomic theory and the theory of the firm. He spent almost his entire career at the University of California, Los Angeles (UCLA), and is credited with turning its economics department into one of the country's best. He is also known as one of the founders of new institutional economics, and widely acknowledged for his work on property rights. His most significant articles are: "Uncertainty, Evolution, and Economic Theory" (1950): It is Alchian's first major paper that brought him attention. Boettke and Candela argue that these three economists founded the following branches in economics: New Institutional Economics, Law and Economics, and the economics of property rights.
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