Tuesday, January 8, 2019
Noted economist Harold Demsetz has passed. A longtime member of the UCLA economics department, Demsetz was an important "Chicago School" economist who, among other things, wrote several seminal papers on the law and economics of property rights.
Alchian and Demsetz's paper on information costs is really one of the best and deepest contributions to microeconomics in the 20th century. They virtually created or helped create the sort of thing I and other corporate law profs now do. For better or worse.