The Chicago school of economics: Going off the rails

Posted: October 23, 2015 in economy
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Reinventing the company

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The Chicago school of economics


How libertarians hijacked liberal economics

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Chicagonomics: The Evolution of Chicago Free Market Economics. By Lanny Ebenstein; 278 pages; $29.99 
SINCE its foundation in 1890, the University of Chicago has built a world-class reputation for economics. Since 1969 it has produced no fewer than 28 winners of the Nobel prize for economics, including Friedrich Hayek, Milton Friedman and George Stigler, far outnumbering any other institution. Its policy prescriptions—favouring freer markets and the strict control of the money supply—are seen as having dominated economic policy across the developed world since gaining favour under Ronald Reagan in America and Margaret Thatcher in Britain.

Since the financial crisis, however, the “Chicago school” of ideas has looked to be in retreat, at least in policy terms. The collapse of Lehman Brothers in 2008 …

via Economic Crisis


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