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Nobel Lecture: The Process and Progress of Economics

George J. Stigler
Journal of Political Economy
Vol. 91, No. 4 (Aug., 1983), pp. 529-545
Stable URL: http://www.jstor.org/stable/1831067
Page Count: 17
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Nobel Lecture: The Process and Progress of Economics
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Abstract

The lecture focuses on the reasons that new ideas are accepted or rejected by a science. A distinction is drawn between prescientific and scientific stages of a discipline. The diverse fates of new ideas are illustrated by a variety of episodes in the history of economics, including the economics of information and the theory of economic regulation.

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