Armen A. Alchian

It is with sadness and a sense of loss that we announce the passing of Armen A. Alchian, a truly great economist and inspirational teacher. The staff and Board of Trustees of the Fraser Institute join Professor Alchian’s family, friends, students, and colleagues around the world in mourning his loss while celebrating his many accomplishments and contributions to economics.

Professor Alchian was a founding member of the Fraser Institute’s Editorial Advisory Board (EAB) in 1974. The EAB is a panel of distinguished scholars that is the ultimate source of authority regarding whether a study meets the required academic and scientific standards to warrant publication by the Institute. Professor Alchian was involved in a number of projects with the Institute over the years including as a member of the original group of scholars who started the work on the Economic Freedom Project, which created the Economic Freedom of the World Index.

Professor Alchian made significant contributions to economics in a wide range of areas including price theory, information and uncertainty, the theory of the firm, property rights, and transactions costs. In addition, Professor Alchian is rightly considered a founder of the new institutional economics. He was a Fellow of the American Academy of Arts and Sciences and a Distinguished Fellow of the American Economics Association. His greatest legacy is the monumental flow of insightful work which he inspired in the generations of leading economists who were fortunate to have had him as a teacher at the University of California at Los Angeles.