RIP Chicago School of Economics: 1976-2008
Some time ago, I asked if "Milton Friedman was the next economist whose once lauded reputation may soon slide ?"
Turns out it happened much quicker than expected. A long Bloomberg piece, Friedman Would Be Roiled as Chicago Disciples Rue Repudiation, discusses the tarnishment of the Chicago school of thought.
Its long overdue. From the efficient-market theories, to the concept
of man as rational profit maximizers, much of the edifice that
is was the Chicago school of economics is based on a foundation that is false, disproven or otherwise questionable.