to tell academicians that information is a valuable resource: knowledge is power. And yet it occupies a slum dwelling in the town of economics." His 1962 article "Information in the Labor Market" developed the theory of search unemployment. In 1963 he was elected as a Fellow of the American Statistical Association. He was known for his sharp sense of humor, and he wrote a number of spoof essays. In his book The Intellectual and the Marketplace, for instance, he proposed Stigler's Law of Demand and Supply Elasticities: "all demand curves are inelastic and all supply curves are inelastic too." The essay referenced studies that found many goods and services to be inelastic over the long run and offered a supposed theoretical proof; he ended by announcing that his next essay would demonstrate that the price system does not exist. Another essay, "A Sketch on the Truth in Teaching," described the consequences of a (fictional) set of court decisions that held universities legally responsible for the consequences of teaching errors. The Stigler diet is also named after him. Stigler wrote numerous articles on the history of economics, published in the leading journals and republished 14 of them in 1965. The American Economic Review said, "many of these essays have become such well-known landmarks that no scholar in this field should be unfamiliar with them... The lucid prose, penetrating logic, and wry humor... have become the author's trademarks." Stigler was a founding member of the Mont Pelerin Society and was its president from 1976 to 1978. He was a libertarian/classical liberal. Stigler was elected to the American Philosophical Society in 1955, the American Academy of Arts and Sciences in 1959, and the United States National Academy of Sciences in 1975. He received National Medal of Science in 1987. Bibliography (1939). "Production and Distribution in the Long Run," Journal of Political Economy, 47(3), pp. 305–327 (arrow-scrollable). ([1941] 1994). Production and Distribution Theories: The Formative Period. New York: Macmillan. & Description arrow-scrollable preview. (1945). "The Cost of Subsistence," Journal of Farm Economics, 2, pp. 303–314. Arrow-scrollable. (1961). "The Economics of Information," Journal of Political Economy, 69(3), pp. 213–225. (1962a). "Information in the Labor Market." Journal of Political Economy, 70(5), Part 2, pp. 94–105. (1962b). The Intellectual and the Marketplace. Selected Papers, no. 3. Chicago: University of Chicago Graduate School of Business. Reprinted in Sigler (1986), pp. 79–88 (1962c). (With Claire Friedland) "What Can Regulators