Arman Alchien is one of those economists–like Wicksteed–that I would read a lot more of, if I were on a deserted island. (That’s a compliment to them, and a criticism of myself.) He recently died, as most of you know, and so a lot of people who knew him were giving their appreciations. One of the more interesting ones for Austrians was from David R. Henderson, because he gave a Hayek anecdote as a bonus.
The mourning von Pepe reminded me that I reviewed a fantastic paper by Alchian and Benjamin Klein, arguing that asset prices should be included in the measure of price inflation. (I’d like to say that von Pepe only brought that paper to my attention after my ill-fated wager, but no, he had been telling me to read it for a while.)
On the other hand, I thought Alchian missed the boat entirely in an argument he gave about bank reserves. (Again, von Pepe reminded me of that post, which I had completely forgotten involved Alchian.)