Price Theory Reading List

This reading list is intended for advanced undergraduate students interested in pursuing a graduate degree in economics. As such, the papers deal primarily with theoretical issues in economics rather than its application. The list is a work-in-progress, and will be revised occasionally based on feedback from students and colleagues.

Foundations of Economics

  • Alchian, Armen A., (1950). Uncertainty, Evolution, and Economic Theory, Journal of Political Economy, 58(3): 211-221.

  • Alchian, Armen A., (1965). Some Economics of Property Rights, Il Politico, 30(4): 816-829.

  • Hayek, F.A., (1945). The Use of Knowledge in Society, The American Economic Review, 35(4): 519-530.

  • Lazear, Edward P., (2000). Economic Imperialism, The Quarterly Journal of Economics, 115(1): 99-146.

Consumer Theory

  • Alchian, Armen A., (1953). The Meaning of Utility Measurement, The American Economic Review, 43(1): 26-50.

  • Becker, Gary S., (1962). Irrational Behavior and Economic Theory, Journal of Political Economy, 70(1): 1-13.

  • Becker, Gary S., (1991). A Note on Restaurant Pricing and Other Examples of Social Influences on Price, Journal of Political Economy, 99(5): 1109-1116.

The Firm

  • Alchian, Armen A. and H. Demsetz, (1972). Production, Information Costs, and Economic Organization, The American Economic Review, 62(5): 777-795.

  • Coase, Ronald, H., (1937). The Nature of the Firm, Economica, 4(16): 386-405.

Production and Costs

  • Stigler, George J., (1951). The Division of Labor is Limited by the Extend of the Market, Journal of Political Economy, 59(3): 185-193.

Competitive Industry

  • Hayek, F.A., (1948). The Meaning of Competition. In F.A. Hayek, Individualism and Economic Order (pp. 92-106). The University of Chicago Press.

  • Stigler, George J., (1957). Perfect Competition, Historically Contemplated, Journal of Political Economy, 65(1): 1-17.

Monopoly

  • Baumol, William J., (1982). Contestable Markets: An Uprising in the Theory of Industry Structure, The American Economic Review, 72(1): 1-15.

  • Becker, Gary S., (1958). Competition and Democracy, The Journal of Law and Economics, 1: 105-109.

  • McGee, John S., (1958). Predatory Price Cutting: The Standard Oil (N. J.) Case, The Journal of Law and Economics, 1: 137-169.

Welfare Economics

  • Demsetz, Harold, (1964). The Exchange and Enforcement of Property Rights, The Journal of Law and Economics, 7: 11-26.

  • Leeson, Peter T., (2020). Logic Is a Harsh Mistress: Welfare Economics for Economists, Journal of Institutional Economics, 16(2): 145-150.