Episode description

Bob originally invited Brian Albrecht (Chief Economist of the International Center for Law & Economics) to discuss the work of Armen Alchian, but on the day of recording, Robert Lucas happened to die.

Bob and Brian discuss rational expectations, real business cycle theory, and how Alchian cracked the military's top secrets.

Brian on Alchian's famous "Costs and Outputs" paper: Mises.org/HAP396a