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The paper is concerned with the economic theory of George Stigler. First part outlines the life of George Stigler. Second part examines his dissertation "Production and Distribution Theories" (1941). Third part discusses his textbook "The Theory of Price" (1946). Fourth part is devoted to his "Essays in the History of Economics" (1965). Fifth part analyzes the work "The Organization of Industry" (1968). Sixth part explains "The Theory of Economic Regulation" (1971). Seventh part discusses Stigler's book "The Citizen and the State" (1975). Eighth part presents his autobiography "Memoirs of an Unregulated Economist" (1988). Stigler has become famous thanks to articles "Economics of Information" (1961) and "Theory of Economic Regulation" (1971), which says that interest groups and other political participants will use the regulatory and coercive powers of government to shape laws and regulations in a way that is beneficial to them. Adapted from the source document.

In an essay on "The Ricardian Theory of Value and Distribution," Stigler, commenting on Malthus' example of a geometrically increasing population and arithmetically increasing output, states the following:"… Malthus' ratios implicitly assumed sharply diminishing returns, for his numbers define the production function,L = 2p-1where L is labor (proportional to population) and P is produce. With this production function, indeed, if workers received a wage equal to their marginal product, the aggregate wage bill would be independent of the size of the labor force, and population simply could not grow!"