Law & economics traces its intellectual roots to the University of Chicago. That lineage still shapes how the field is understood. Chicago price theory – especially Gary Becker’s (1976) systematic application of maximization, equilibrium, and stable preferences across social life, and George Stigler’s (1992, p 459) suggestion that ‘every durable social institution or practice is efficient, or it would not persist over time’ – left a deep imprint. It also left a durable misunderstanding … (more)
[Colin Harris, Truth on the Market, 3 March 2026]
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