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The Fraser Institute, Essential UCLA School of Economics: What was the UCLA School of Economics?

Essential UCLA School of Economics: What was the UCLA School of Economics?

Welcome to the essential ideas of the UCLA School of Economics.

The economics department of the University of California, Los Angeles,

better known simply as UCLA, gained prominence during the last few decades of the 20th century.

Its focus on the role of institutions, including property rights, regulations,

the legal system, and social norms, and how they guided and influenced the economy, distinguished

it from most other economics programs. The approach of the UCLA School eventually became

known as New Institutional Economics and remains a prominent force in economics to this day.

The seeds of UCLA's success occurred in 1946 when Stanford-trained economist Armen

Alchian joined the department. Contrary to the general trend in economics at

the time that favoured increasing government intervention in the economy, Alchian's work

showed how entrepreneurs and businesses seeking profits, combined with welldefined

property rights, were the most effective way to align the interests of consumers and producers.

Alchian also introduced a different method of teaching relying less on mathematics and

more on intuition. Indeed, UCLA became known for using words,

rather than mathematical equations, to describe and analyze economics.

Northwestern University-trained economist Harold Demsetz joined UCLA permanently in 1971.

Demsetz extended the work already being done on the effect of regulations on

the economy, particularly those concerning large business and businesses that wanted

to merge or purchase other businesses. The combination of Demsetz and Alchian

created a formidable foundation for UCLA's economics program,

and the two published a number of seminal academic studies,

including two in the prestigious American Economics Review.

Both were often noted as being worthy of consideration for the Nobel prize in economics.

The school's unique approach to economics started to attract other economists of note,

including Sam Peltzman, Benjamin Klein, Jack Hirshleifer, and

George Hilton. And to this day, the UCLA School's

tradition carries on in the work of hundreds of economists who studied there during its prime.

For more information on the UCLA economics visit EssentialUCLAeconomics.org,

and to learn about more essential scholars, visitEssentialScholars.org

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Essential UCLA School of Economics: What was the UCLA School of Economics? Essential|UCLA|||Економіка||||University||| |UCLA|||||||||| Wesentliche UCLA-Schule für Wirtschaftswissenschaften: Was war die UCLA School of Economics? Essential UCLA School of Economics: What was the UCLA School of Economics? Lo esencial de la Facultad de Económicas de la UCLA: ¿Qué era la Facultad de Económicas de la UCLA? Essential UCLA School of Economics : Qu'est-ce que l'UCLA School of Economics ? UCLA経済学部とは?UCLA経済学部とは? Podstawowe informacje o UCLA School of Economics: Czym była UCLA School of Economics? O essencial da Escola de Economia da UCLA: O que era a Faculdade de Economia da UCLA? Экономическая школа Калифорнийского университета: Что такое Школа экономики Калифорнийского университета? Temel UCLA Ekonomi Okulu: UCLA Ekonomi Okulu neydi? 加州大学洛杉矶分校经济学院精华:加州大学洛杉矶分校经济学院是什么? 加州大學洛杉磯分校經濟學院精華:加州大學洛杉磯分校經濟學院是什麼?

Welcome to the essential ideas  of the UCLA School of Economics. |||key||||||| |||esenciales||||||| Welcome to the essential ideas of the UCLA School of Economics.

The economics department of the  University of California, Los Angeles, ||||||||Angeles|Los Angeles |economía||||||||

better known simply as UCLA, gained prominence  during the last few decades of the 20th century. |recognized|просто|||achieved|gained recognition|||||десятиліть||||століття |||||zyskała|znaczenie||||||||| ||simplemente|||ganó prominencia|prominencia||||||||| |||||je pridobila|pomembnost||||||||| better known simply as UCLA, gained prominence during the last few decades of the 20th century. mais conhecida simplesmente como UCLA, ganhou proeminência durante as últimas décadas do século XX.

Its focus on the role of institutions,  including property rights, regulations, |emphasis|||function||institutions||ownership rights|права|rules ||||||instituciones||propiedad|derechos de propiedad|regulaciones ||||||institucije||lastninske pravice||predpisi Its focus on the role of institutions, including property rights, regulations, O seu enfoque no papel das instituições, incluindo os direitos de propriedade e a regulamentação,

the legal system, and social norms, and how they  guided and influenced the economy, distinguished |||||normas||||guiaron||influenciaron|||distinguido |правовий|||societal norms|standards||||Directed||shaped||economy|Set apart |||||規範||||||||| |system prawny|||normy społeczne||||||||||wyróżniający ||||||||||||||izstopajoče the legal system, and social norms, and how they guided and influenced the economy, distinguished

it from most other economics programs. The approach of the UCLA School eventually became |||||||method or strategy|||||| |||||||podejście|||||ostatecznie| |||||||enfoque|||||| it from most other economics programs. The approach of the UCLA School eventually became

known as New Institutional Economics and remains  a prominent force in economics to this day. ||||||continues to be||leading|||||| ||||||||wybitna|siła||||| |||institucional|||permanece||prominente|||||| ||||||||重要な|||||| known as New Institutional Economics and remains a prominent force in economics to this day. conhecido como Nova Economia Institucional e continua a ser uma força proeminente na economia até aos dias de hoje.

The seeds of UCLA's success occurred in  1946 when Stanford-trained economist Armen ||||||||Stanford University||expert in economics|Armen Alchian |nasiona||||miały miejsce||||||Armen |las semillas||||ocurrieron||||entrenado en Stanford||Armen Alchian The seeds of UCLA's success occurred in 1946 when Stanford-trained economist Armen As sementes do sucesso da UCLA surgiram em 1946, quando o economista formado em Stanford, Armen

Alchian joined the department. Contrary  to the general trend in economics at Alchian|joined|||||||||| ||||w przeciwieństwie||||||| Alchian||||contrario||||tendencia||| Alchian||||||||||| Alchian joined the department. Contrary to the general trend in economics at Alchian entrou para o departamento. Contrariamente à tendência geral da economia na

the time that favoured increasing government  intervention in the economy, Alchian's work |||supported|||||||Alchian's research| |||好ましい|||||||アルチアンの| |||favoreció|creciente||intervención gubernamental||||| |||prijazno nak|||||||| the time that favoured increasing government intervention in the economy, Alchian's work que favorecia a crescente intervenção do governo na economia, o trabalho de Alchian

showed how entrepreneurs and businesses  seeking profits, combined with welldefined |||||||||dobrze zdefiniowane |||||looking for|profitability||| ||||企業|||||明確に定義された mostraron cómo||los emprendedores|||buscando|beneficios|combinados con||bien definidos |||||ki iščejo||||dobro opredelj showed how entrepreneurs and businesses seeking profits, combined with welldefined mostrou como os empresários e as empresas que procuram lucros, combinados com

property rights, were the most effective way to  align the interests of consumers and producers. ||||||||synchronize||||||suppliers ||||||||alinear||intereses||los consumidores|| własność (1)|prawa|||||||wyrównać|||||| ||||||||uskladiti|||||| property rights, were the most effective way to align the interests of consumers and producers. direitos de propriedade, eram a forma mais eficaz de alinhar os interesses dos consumidores e dos produtores.

Alchian also introduced a different method  of teaching relying less on mathematics and ||||||||zanašajoč|||| |||||||||||math| |||||||教育||||| ||introdujo||||||dependiendo menos|||matemáticas| ||||||||basata meno|||| Alchian also introduced a different method of teaching relying less on mathematics and Alchian também introduziu um método diferente de ensino, baseado menos na matemática e

more on intuition. Indeed, UCLA  became known for using words, |||w rzeczy samej|||||| ||instinctive understanding||||||| ||直感||||||| ||intuición|de hecho|||conocida||| |||de fato|||||| more on intuition. Indeed, UCLA became known for using words, mais na intuição. De facto, a UCLA tornou-se conhecida pelo uso das palavras,

rather than mathematical equations,  to describe and analyze economics. |||enačbe||||| ||economic|||||| |||równania||||| más bien||matemáticas|ecuaciones||||analizar| |||方程式||||| rather than mathematical equations, to describe and analyze economics.

Northwestern University-trained economist  Harold Demsetz joined UCLA permanently in 1971. ||||||||na stałe| ||||Harold Demsetz|Demsetz|||| ||||ハロルド||||永遠に| noroeste||||||||permanentemente| severozahod||||||||| Northwestern University-trained economist Harold Demsetz joined UCLA permanently in 1971.

Demsetz extended the work already being  done on the effect of regulations on |expanded upon||||||||||| |amplió||||||||||| |razširil||||||||||| Demsetz extended the work already being done on the effect of regulations on Demsetz alargou o trabalho que já estava a ser feito sobre o efeito da regulamentação na

the economy, particularly those concerning  large business and businesses that wanted ||||o velikih podjetjih|||||| ||||related to|||||| ||||dotyczące|||||| ||particularmente||relativas a||negocios|||| ||||に関する|||||| the economy, particularly those concerning large business and businesses that wanted economia, nomeadamente as que dizem respeito às grandes empresas e às empresas que pretendem

to merge or purchase other businesses. The combination of Demsetz and Alchian |combine|||||||||| |połączyć|||||||||| |fusionar||adquirir||empresas|||||| |合併|||||||||| to merge or purchase other businesses. The combination of Demsetz and Alchian

created a formidable foundation  for UCLA's economics program, ||impressive||||| ||znakomitą||||| creó||formidable||||| ||močna||||| created a formidable foundation for UCLA's economics program, criou uma base formidável para o programa de economia da UCLA,

and the two published a number  of seminal academic studies, |||||||temeljne|| |||||||groundbreaking|| |||||||画期的な|| |||||||seminales|académicas| |||||||przełomowych|| e os dois publicaram uma série de estudos académicos fundamentais,

including two in the prestigious  American Economics Review. ||||highly regarded||| ||||prestiżowym||| ||||prestigiosa|||revista económica including two in the prestigious American Economics Review. incluindo duas na prestigiada revista American Economics Review.

Both were often noted as being worthy of  consideration for the Nobel prize in economics. |||mencionados|||dignos|||||Nobel|premio Nobel|| |||recognized|||||deliberation|||Nobel Prize||| |||言及された|||||候補|||||| ambos|||||||||||||| ||||||||uwagi|||||| Both were often noted as being worthy of consideration for the Nobel prize in economics. Ambos foram frequentemente considerados dignos de consideração para o Prémio Nobel da Economia.

The school's unique approach to economics  started to attract other economists of note, |school|||||||||notable economists||notable economists |||podejście||||||||| |||enfoque|||||atraer|||| The school's unique approach to economics started to attract other economists of note,

including Sam Peltzman, Benjamin  Klein, Jack Hirshleifer, and ||||||Jack Hirshleifer| including Sam Peltzman, Benjamin Klein, Jack Hirshleifer, and

George Hilton. And to this day, the UCLA School's |George Hilton||||||| George Hilton. And to this day, the UCLA School's George Hilton. E até hoje, a Escola da UCLA

tradition carries on in the work of hundreds of  economists who studied there during its prime. |continues|||||||||||||| |tradycja trwa||||||||||||||szczytowym okresie |se mantiene||||||||||estudiaron||||su apogeo tradition carries on in the work of hundreds of economists who studied there during its prime. Tradycja ta jest kontynuowana w pracach setek ekonomistów, którzy studiowali tam w czasach jej świetności. A tradição mantém-se na obra de centenas de economistas que aí estudaram durante o seu auge.

For more information on the UCLA economics visit EssentialUCLAeconomics.org, ||||||||Essential UCLA Economics| |||||UCLA||||

and to learn about more essential  scholars, visitEssentialScholars.org |||||||Essential Scholars| ||||||eruditos esenciales|| |||o||istotnych|uczeni||