RIP Chicago School of Economics: 1976-2008

Tuesday, December 23, 2008 | 09:35 AM

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.

continued here

Tuesday, December 23, 2008 | 09:35 AM | Permalink add to | digg digg this! | technorati add to technorati | email email this post


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