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Universal Economics
"No one has ever done price theory better than Alchian--that is, no one has ever excelled Alchian's ability to explain the reason, role, and nuances of prices, of competition, and of property rights. And only a precious few--I can count them on my fingers--have a claim for being considered to have done price theory as well as he did it." --Donald Boudreaux, George Mason University
Universal Economics is a new work that builds on the foundation of its two predecessors, University Economics (1964, 1967, 1972) and Exchange and Production (1969, 1977, 1983). Collaborating again, Professors Alchian and Allen have written a fresh, final presentation of the analytical tools employed in the economic way of thinking.
Universal Economics shows the critical importance of property rights to the existence and success of market economies. The authors explain the interconnection between goods prices and productive-asset prices and how market-determined interest rates bring about the allocation of resources toward the satisfaction of consumption demands versus saving/investment priorities. They show how the crucial role of prices in a market economy cannot be well understood without a firm grasp of the role of money in the modern world. The Alchian and Allen application of information and search-cost analysis to the subject of money, price determination, and inflation is unique in the teaching of economic principles.
Armen A. Alchian (1914-2013), one of the twentieth century's great teachers of economic science, taught at UCLA from 1946 to 1984. Founder of the UCLA tradition in economics, he has become recognized as one of the most influential voices in the areas of market structure, property rights, and the theory of the firm.
William R. Allen taught at Washington University prior to joining the UCLA faculty in 1952. Along with research primarily in international economics and the history of economic theory, he has concentrated on teaching economics. Universal Economics is his third textbook collaboration with Armen Alchian.
Jerry L. Jordan wrote his doctoral dissertation under the direction of Armen Alchian. He was Dean of the School of Management at the University of New Mexico, a member of President Reagan's Council of Economic Advisors and of the U.S. Gold Commission, Director of Research of the Federal Reserve Bank of Saint Louis, and President and CEO of the Federal Reserve Bank of Cleveland.
Universal Economics is a new work that builds on the foundation of its two predecessors, University Economics (1964, 1967, 1972) and Exchange and Production (1969, 1977, 1983). Collaborating again, Professors Alchian and Allen have written a fresh, final presentation of the analytical tools employed in the economic way of thinking.
Universal Economics shows the critical importance of property rights to the existence and success of market economies. The authors explain the interconnection between goods prices and productive-asset prices and how market-determined interest rates bring about the allocation of resources toward the satisfaction of consumption demands versus saving/investment priorities. They show how the crucial role of prices in a market economy cannot be well understood without a firm grasp of the role of money in the modern world. The Alchian and Allen application of information and search-cost analysis to the subject of money, price determination, and inflation is unique in the teaching of economic principles.
Armen A. Alchian (1914-2013), one of the twentieth century's great teachers of economic science, taught at UCLA from 1946 to 1984. Founder of the UCLA tradition in economics, he has become recognized as one of the most influential voices in the areas of market structure, property rights, and the theory of the firm.
William R. Allen taught at Washington University prior to joining the UCLA faculty in 1952. Along with research primarily in international economics and the history of economic theory, he has concentrated on teaching economics. Universal Economics is his third textbook collaboration with Armen Alchian.
Jerry L. Jordan wrote his doctoral dissertation under the direction of Armen Alchian. He was Dean of the School of Management at the University of New Mexico, a member of President Reagan's Council of Economic Advisors and of the U.S. Gold Commission, Director of Research of the Federal Reserve Bank of Saint Louis, and President and CEO of the Federal Reserve Bank of Cleveland.
- GenresEconomicsNonfiction
744 pages, Hardcover
Published August 30, 2018
90 people are currently reading
238 people want to read
About the author
Armen A. Alchian
13 books26 followersArmen Albert Alchian (/ˈɑːltʃiən/; April 12, 1914 – February 19, 2013) was an Armenian-American economist and professor of economics at the University of California, Los Angeles.
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Displaying 1 - 6 of 6 reviews
July 29, 2019
The standard by which I judge economics books is "Basic Economics" by Thomas Sowell which I highly recommend. This has more equations and graphs than Sowell's book but is still accessible to a person who may not be very familiar with economic principles. It explains some fairly complex ideas using simple examples to make them relatable. Probably the best part is addressing some of the seeming contradictions and misunderstandings in economics. The topics are addressed as stand alone chapters allowing for review or summary of specific ideas without having to go through the whole book.
Sowell and Friedman are probably better to start for introductions to economics so I would not recommend this as a first book on economics but to dig into more complex concepts it is very readable.
Sowell and Friedman are probably better to start for introductions to economics so I would not recommend this as a first book on economics but to dig into more complex concepts it is very readable.
October 30, 2018
Really good treatise.
This book was really well done. I should really have studied it and worked through all of the questions and meditations rather than just reading straight through. I bought the book based on Walter Williams’ recommendation and I agree with him on the book’s scope and quality. I’m going to read it again at a slower and more reasoned pace. I’m sure that each additional reading will reveal further insight.
This book was really well done. I should really have studied it and worked through all of the questions and meditations rather than just reading straight through. I bought the book based on Walter Williams’ recommendation and I agree with him on the book’s scope and quality. I’m going to read it again at a slower and more reasoned pace. I’m sure that each additional reading will reveal further insight.
January 12, 2019
A very heavy book (in multiple ways) that is written as a text book. But is does an excellent job of explaining the field
May 7, 2020
The best introduction to economics, from two masters of the subject.
Read
August 2, 2024This took a piece of my soul w it
February 1, 2025
Highly recommended for those who would like to refresh their understanding of economic principles or gain an understanding of what the economic reforms dating from the 1980s (and now under assault) were about. Also recommended for people working in ‘economics adjacent’ professions like law, management and policy making.
If you enjoy it, consider also reading Deidre Nansen McLoskey’s Bourgeois trilogy.
If you enjoy it, consider also reading Deidre Nansen McLoskey’s Bourgeois trilogy.
Displaying 1 - 6 of 6 reviews