Costas Azariadis was born in Athens, Greece, in 1943. He attended the National Technical University in Athens and received a degree in chemical engineering in 1969. He then attended Carnegie Mellon University, receiving an MBA in 1971 and his Ph.D. in 1975. His doctoral dissertation was advised by Edward Prescott and Robert Lucas. Azariadis's first academic appointment was as an assistant professor at Brown University between 1973 and 1977, after which he moved to the University of Pennsylvania. In 1992, he moved to UCLA. In addition, Azariadis spent two semesters at Hebrew University and Princeton and has held briefer visiting positions all over the world.