34 Facts About Armen Alchian

Armen Albert Alchian was an American economist who made major contributions to microeconomic theory and the theory of the firm.

Armen Alchian spent almost his entire career at the University of California, Los Angeles, and is credited with turning its economics department into one of the country's best.

Armen Alchian is known as one of the founders of new institutional economics, and widely acknowledged for his work on property rights.

Armen Albert Alchian was born on April 12,1914, in Fresno, California, to Armenian-American parents.

Armen Alchian's father, Alexander H Alchian, was born in Erzurum, Ottoman Empire and emigrated to the US in 1901, while his mother Lily Normart was born to Armenian immigrant parents in Fresno.

Armen Alchian's parents were among the first Armenians to settle in the San Joaquin Valley and she was the first Armenian born in Fresno.

Armen Alchian's parents married in 1909, and Armen had a younger brother, Robert Haig Alchian.

Armen Alchian attended Fresno High School, where he excelled academically and athletically.

Armen Alchian initially enrolled in Fresno State College in 1932 and transferred to Stanford University in 1934, obtaining his bachelor's degree in 1936.

Armen Alchian earned his PhD in philosophy from Stanford in 1943.

Armen Alchian went on to serve in the Army Air Forces as a statistician between 1942 and 1946.

Armen Alchian joined the Department of Economics at University of California, Los Angeles in 1946.

Armen Alchian was initially assistant professor, then associate professor, and eventually named professor in 1958.

Armen Alchian retired from UCLA in 1984 and was named professor emeritus of economics.

In classroom, Armen Alchian adopted the Socratic method and disliked the traditional lecture method.

Armen Alchian was affiliated with the RAND Corporation between 1946 and 1964 and was a consultant to business firms.

Armen Alchian, an applied economist, has been described by Robert Higgs as a master of applied price theory.

Armen Alchian was a neoclassical economist, specifically of the Chicago School.

Armen Alchian was influenced by the Austrian School, especially by the ideas of Ludwig von Mises and Friedrich Hayek.

Armen Alchian famously interviewed Hayek in 1978, during which Armen Alchian told him that he was particularly influenced by two of his articles: "Economics and Knowledge" and "The Use of Knowledge in Society".

Indeed, Armen Alchian is widely considered one of the founders of the New Institutional Economics.

Armen Alchian successfully identified lithium as the fusion fuel through publicly available financial data, finding only the stock of Lithium Corporation of America suddenly increased around the hydrogen bomb test Castle Bravo.

Armen Alchian was not prolific and did not author many books and articles.

Armen Alchian's writing style is characterized with lack of mathematical formality and is known for its straightforward prose.

Armen Alchian has been described as a classical liberal and libertarian.

Armen Alchian was a member of the Mont Pelerin Society.

Axel Leijonhufvud argued that Armen Alchian was skeptical of people who claim they will improve the world by using the powers of the government, but those calling for abolishing government.

Armen Alchian was an "avid computer user" and an early adopter of email.

Armen Alchian was a lifelong golfer and a regular visitor to the Rancho Park Golf Course.

Armen Alchian often played golf with fellow economist George Stigler.

Around six years before his death Armen Alchian's memory deteriorated according to Yoram Barzel.

Armen Alchian suffered from a neurodegenerative disease in the last six years of his life.

Armen Alchian died of natural causes, in his sleep, at his home in Los Angeles on February 19,2013, at the age of 98.

Armen Alchian received the same points as Robert Fogel and Gordon Tullock.