A professor at the Graduate School of Business at the University of Chicago in the 1960s and a primary figure in Chicago School Economics and in the field of Law and Economics, Harold Demsetz has contributed original research on the theory of the firm, regulation in markets, industrial organization, antitrust policy, transaction costs, externalities, and property rights. A member of the American Academy of Arts and Sciences and a Director of the Mont Pelerin Society, Demsetz is Arthur Andersen UCLA Alumni Emeritus Professor of Business Economics.Mark Grady, Professor of Law and Director of the UCLA Law School's Center for Law and Economics, interviews his former teacher at UCLA about the main issues and problems at the core of Demsetz's lifetime investigation into the nature of economics. Ken Lehn, Sam Peltzman, and Ben Klein provide critical and insightful commentary on the influence and impact of Harold Demsetz's work.