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Quote by George Stigler

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George Stigler
George Stigler

George Stigler, born on January 17, 1911, in Chicago, Illinois, and died on December 1, 1991, was an American economist and a Nobel laureate. He is known for his contributions to the fields of industrial organization, economic history, and econometrics. more

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“The failure of market catallactics in no way denies the following truth: given sufficient knowledge the optimal decisions can always be found by scanning over all the attainable states of the world and selecting the one which according to the postulated ethical welfare function is best. The solution 'exists'; the problem is how to 'find' it.”

“Our ideal society finds it essential to put a rent on land as a way of maximizing the total consumption available to the society. ...Pure land rent is in the nature of a 'surplus' which can be taxed heavily without distorting production incentives or efficiency. A land value tax can be called 'the useful tax on measured land surplus'.”