Albert W. Alchian

Albert W. Alchian was a renowned economist known for his work on the principles of economics, particularly regarding how individuals and businesses make decisions. He emphasized the importance of incentives, uncertainty, and how private property rights shape economic behavior. Alchian contributed to understanding market competition, the role of costs, and economic stability. His ideas helped explain why markets tend to allocate resources efficiently and how economic actors respond to changing conditions, influencing both economic theory and policy.