George Stigler

Economics teaches us that scarcity is the fundamental problem of human existence.

Bureaucracy grows by feeding on complexity it creates.

The best policies are those that harness self-interest for the public good.

Information is the lifeblood of efficient markets.

Theoretical elegance must yield to empirical reality.

The Nobel Prize is a recognition of persistent inquiry.

Economists should be wary of prescribing when they can only diagnose.

Freedom in markets leads to prosperity for all.

The search for truth in economics is endless.

Regulatory capture explains much of modern governance.

Life's greatest lesson is adaptation to change.

Humor in economics lightens the weight of abstraction.

The division of labor is the secret of civilization.

Public choice theory reveals the incentives of politicians.

Empiricism without theory is blind; theory without empiricism is empty.

The economist's task is to illuminate choices under uncertainty.

In academia, controversy is the spark of progress.

Markets fail, but governments fail more spectacularly.

The joy of discovery in economics rivals any pursuit.

Witty remarks: Economists predict nine out of ten recessions.