This paper suggests that there exists a neglected third branch of Chicago price theory, which includes Armen Alchian (1914-2013), James Buchanan (1919-2013), and Ronald Coase (1910-2013). While this branch shares characteristics that are common to the other branches of Chicago price theory,...

The articles collected in the three-volume set of Chicago Price Theory illustrate elements of continuity and change in the development of the Chicago School. Its editors stress a continuity in price theory at Chicago that runs from Frank Knight to Gary Becker. Our main contribution in this...

What can we learn about applied price theory from the Bourgeois Era? In this paper, we contend there are three important lessons that can be extracted from McCloskey's work on the Great Enrichment. First, transaction costs are not constraints, but objects of choice. Second, property rights are...