Throughout the third quarter of the twentieth century, the Chicago School played an indispensable intellectual role in defending laissez-faire capitalism from the predations of state capitalism and socialism. As a by-product, the Chicago School also became a foremost defender of economic liberty. The Chicago School advanced this innovative program of ideas through reliance on a sensible rational choice approach, the pre-eminence of private property rights and the rule of law for sustainable economic development, sound microeconomics, and macroeconomics reflective of classical political economy insights adjusted for the adverse experience of the Great Depression. Under the indisputed intellectual leadership of Friedrich von Hayek and Milton Friedman, with the support of Ronald Coase, Harold Demsetz, William Landes, Sam Peltzman, Harry Gordon Johnson, Richard Epstein, Al Harberger, and many younger rising stars, Freshwater Economics engaged and defeated Saltwater Economics in a bloody battle for the soul of the discipline.
Even during that crucial quarter of a century, however, Chicago was spawning…
View original post 325 more words
Utopia, you are standing in it! 
Recent Comments