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Dr. Smith and all of his sensible disciples have believed that people would not strive to do anything well unless there were a reasonable measure of agreement between the success of their efforts and the rewards they would receive.

— George Stigler

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More quotes by George Stigler

Regulation may be actively sought by an industry, or it may be thrust upon it.

Unexpected changes, on the contrary, lead to windfall gains or losses for those who are in the right or wrong places at a given time.

The Theory of Price (1946)

Economics, I thus believe, has a useful past, a past that is useful in dealing with the future.

One should hardly have to tell academicians that information is a valuable resource: knowledge is power. And yet this occupies a slum dwelling in the town of economics. Mostly it is ignored.

Footnotes are not an occasional token of respect for an obsolete and purposeless tradition. It will come as a shock to many, I am sure, even to realize that references can be checked.

The Intellectual and the Marketplace (1965)

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Attribution

Quote text and notes from Wikiquote: George Stigler (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.