The Elgar Companion to the Chicago School of Economics
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The Elgar Companion to the Chicago School of Economics

Edited by Ross B. Emmett

Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School’s history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide surveys of the School’s contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School’s traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago’s role in the development of neoliberalism.
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Chapter 8: Edward P. Lazear

Morley Gunderson


Morley Gunderson Edward Lazear (1948–) was born and grew up in Los Altos, California. At that time, the area was not part of Silicon Valley as it is today, but rather was predominantly fruit farming. As a youth, Eddie picked apricots and that early experience inspired him in two areas: piecerates as incentive compensation and university as an alternative to physical labor. Responding to these incentives, he received his AB and AM degrees from the University of California at Los Angeles in 1971 and his PhD in economics from Harvard University in 1974. Upon graduation he taught at the University of Chicago’s Department of Economics and then at the Graduate School of Business, where he was the Brown Professor of Urban and Labor Economics from 1985 to 1992. In 1992, he accepted an appointment at the Stanford Graduate School of Business and in 1995 became the Jack Steele Parker Professor of Human Resources, Management and Economics. Currently at Stanford, he is also the Morris Arnold Cox Senior Fellow at the Hoover Institution as well as a Senior Fellow at the Stanford Institute for Economic Policy Research. He has been a Research Associate of the NBER since 1974; the Founding Editor of the Journal of Labor Economics from 1982 to 2001; Founder of the Society of Labor Economists in 1996 and its president in 1997–98; an elected Fellow of the American Academy of Arts and Science in 2000 as well as the Econometric Society in 1988; a member of the...

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