Stigler received the award for his fundamental contributions to the study of market processes and the analysis of the structure of industries. His award marks the first time that the Nobel was given to an economist whose primary appointment was at a business school. Read the announcement »
Stigler is among seven scholars associated with Chicago Booth to receive a Nobel Prize, including Merton Miller, 1990; Ronald Coase, 1991; Gary Becker, 1992; Robert Fogel, 1993; Myron Scholes, 1997; and Eugene Fama, 2013.
Stigler joined the faculty of Chicago Booth and the department of economics at the University of Chicago in 1958. Stigler is best known for developing the Economic Theory of Regulation, which says that economic and political interest groups will use the regulatory and coercive powers of government to shape laws and regulations to benefit themselves.
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