About
American microeconomic theorist associated with New Institutional Economics. He took influence from Austrian School economists such as Ludwig von Mises and Friedrich Hayek. In the year 1946, he became the first economist to be employed at the RAND Corporation.
Before Fame
He received his bachelor's degree from Stanford University in the year 1936. He would later go back when he was older and earn a PhD from the same institution.
Trivia
As a professor, he rejected traditional classroom lectures in favor of the Socratic method. His books and articles are notable in part for their lack of mathematical formality.
Family Life
His parents were of Armenian descent. He and his wife Pauline had two children named Arline Ann Hoel and Allen Alexander Alchian.
Associated With
He was a friend of Chicago school economist Milton Friedman.
