Armen A. Alchian(born 1914) is the author of a number of works relating to Economics including the article "Uncertainty, Evolution and Economic Theory" JPE (1950) Economics (deriving from the Greek words οίκω [okos], house, and νέμω [nemo], rules hence household management) is the social science that studies the allocation of scarce resources to satisfy unlimited wants. ...
ArmenAlchian, an American economist born in Fresno, California, is in many ways like Ronald Coase (see Coase).
In 1950 Alchian presented a thoughtful response to this objection in his first major article, "Uncertainty, Evolution and Economic Theory." Alchian argued that even though all companies may not maximize profits, those that survive will be ones whose managers, by luck or by design, came close to maximizing profits.
Alchian and Allen's textbook was truly a public good, a good that created large benefits for which its creators could not charge.
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