Remembering the Contributions of Lucas and Alchian

05/19/2023 Robert P. Murphy Brian Albrecht

Bob originally invited Brian Albrecht (Chief Economist of the International Center for Law & Economics) to discuss the work of Armen Alchian, but on the day of recording, Robert Lucas happened to die.

Bob and Brian discuss rational expectations, real business cycle theory, and how Alchian cracked the military’s top secrets.

Brian on Alchian’s famous “Costs and Outputs” paper: Mises.org/HAP396a

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.

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