Remembering the Contributions of Lucas and Alchian

Bob originally invited Brian Albrecht (Chief Economist of the International Center for Law & Economics) to discuss the work of Armen Alchian, but on the day of recording, Robert Lucas happened to die.

Bob and Brian discuss rational expectations, real business cycle theory, and how Alchian cracked the military's top secrets.

Brian on Alchian's famous "Costs and Outputs" paper: https://Mises.org/HAP396a

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00:00 Introduction
02:09 Different Schools of Economic Thought
06:22 Real Business Cycle Theory
17:42 Who is Arman Alchian
22:29 Alchian on Price Theory
32:24 Theory of the Firm
45:58 Alchian Stock Market H-Bomb Theory
55:06 Should Austrians read Alchian?