Word: stigler
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Dates: during 1960-1969
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...been a place that intellectuals flee from, but a place they flee to. Britain's C. P. Snow has summed it up: "During the past 20 years, the U.S. has done something like 80% of the science and scholarship of the entire Western world." Chicago Economist George Stigler guesses that in the Athens of Pericles, full-time intellectuals numbered only about 200, or one for every 1,500 persons; he puts the number in the U.S. today at around a million, or about one for every 200 persons...
...Lincoln's day to nearly 2,500,000, very few of them dedicated to Lincoln's (or Jefferson's) principle that the state should do for the individual only what he cannot do for himself. Many social critics deplore the prevalent complacency about this. Says Chicago Economist George Stigler: "The trouble is that hardly anybody in America goes to bed angry at night...
Artificial Rise. A chief cause of the upward bias, said the University of Chicago's George J. Stigler, presenting a report by economists of the National Bureau of Economic Research, is "the failure of the price indexes to take full account of quality changes, which have on average been quality improvements." By simply reporting that consumers pay more for goods, the C.P.I, fails to take into account that buyers often get better clothes or more complex cars for their money. Many other economists, including Harvard's Seymour Harris, agree that quality improvements may offset many of the higher...