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

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||||||||| 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 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 |правовий|||societal norms|standards||||Directed||shaped||economy|Set apart |||||normas||||guiaron||influenciaron|||distinguido |system prawny|||||||||||||wyróżniający ||||||||||||||izstopajoče

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

known as New Institutional Economics and remains a prominent force in economics to this day. ||||||continues to be|||||||| |||institucional|||permanece||prominente|||||| 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 |nasiona||||miały miejsce||||||Armen |las semillas||||ocurrieron||||entrenado en Stanford||Armen Alchian 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 ||||w przeciwieństwie||||||| Alchian||||contrario||||tendencia||| Alchian||||||||||| 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 |||favoreció|creciente||intervención gubernamental||||| |||prijazno nak|||||||| que favorecia a crescente intervenção do governo na economia, o trabalho de Alchian

showed how entrepreneurs and businesses seeking profits, combined with welldefined |||||looking for|||| |||||||||dobrze zdefiniowane mostraron cómo||los emprendedores|||buscando|beneficios|combinados con||bien definidos |||||ki iščejo||||dobro opredelj 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. ||||||||wyrównać|||||| ||||||||alinear||intereses||los consumidores|| ||||||||uskladiti|||||| 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 ||||||||basata meno|||| ||introdujo||||||dependiendo menos|||matemáticas| ||||||||zanašajoč|||| Alchian também introduziu um método diferente de ensino, baseado menos na matemática e

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

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

Northwestern University-trained economist Harold Demsetz joined UCLA permanently in 1971. ||||||||na stałe| noroeste||||||||permanentemente| severozahod|||||||||

Demsetz extended the work already being done on the effect of regulations on |amplió||||||||||| |razširil||||||||||| 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 ||||dotyczące|||||| ||particularmente||relativas a||negocios|||| ||||o velikih podjetjih|||||| 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 |połączyć|||||||||| |fusionar||adquirir||empresas||||||

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

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

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

Both were often noted as being worthy of consideration for the Nobel prize in economics. ||||||||uwagi|||||| |||mencionados|||dignos|||||Nobel|premio Nobel|| ambos|||||||||||||| 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, ||||||||||||notable economists |||enfoque|||||atraer||||

including Sam Peltzman, Benjamin Klein, Jack Hirshleifer, and

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. |||||||||||||||szczytowym okresie |se mantiene||||||||||estudiaron||||su apogeo 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,

and to learn about more essential scholars, visitEssentialScholars.org ||||||eruditos esenciales||