George Stigler (1911-1991) was a neoclassical economist and an important figure in the development of many of our currently used economic principles. Stigler taught at the University of Chicago, where he worked closely with Milton Freidman. George Stigler was said to be quite brilliant in his field, yet he maintained a self-confident spirit that was said to help his students enjoy and understand economics. (Sowell) In comparison, Stigler was something of a renaissance man in economics, as he was well-studied, versatile, and involved in many aspects of economic thought. Stigler's drive to challenge and deny old economic theory, further quantifying existing theory, is what many argue defines his economic state of mind. (Sowell)Stigler was well known for his work in industrial organization and the development of “regulatory economic theory.” Stigler also made numerous fundamental contributions to many important economic theories and ideas such as price theory, the short run, diminishing returns, and the history of economic thought. According to Nobelprize.org, in 1982 Stigler received the Nobel Prize in Economics for "His fundamental studies of industrial structures, the functioning of markets, the causes and effects of public regulation, fundamental contributions to the study of market processes and the analysis of the structure of industries." While it can be argued that Stigler's primary focus was industrial organization, his reach throughout the economy was vast and widespread. He is probably best known for his work on price theory and the development of the "Economic Theory of Regulation", also known as "Capture". (Schmalensee) Within “The economic theory of regulation” Stigler highlights the main inefficiencies...... half of the document ...... English definition of "price theory"" Price theory Noun. Np, nd Web. 12 November 2013. "George J. Stigler - Facts". Nobelprize.org. Nobel Media AB 2013. Web 10 November 2013. "What is RSS economics. WhatIsEconomics.org, October 20, 2013." .Schmalensee, Richard. "George Stigler's Contributions to Economics." Of Political Economy 101.5 (1993): 784. Business Source Complete. Web, October 23, 2013. Stigler, George J. " The Bell Journal of Economics and Management Science". .JSTOR. 2013. .