A Systemic Orgy
Bloomberg has a good article on (eulogy for?) the history of the Chicago School of Economics.
“When Friedman’s Platonic ideas of free-market virtues are put into practice, they have too often generated a systemic orgy of competitive greed -- whose remedies, ironically, entail countermeasures of nationalization,” Marshall Sahlins, an emeritus professor of anthropology, said during the debate, speaking in a room adorned with murals of female students parading through the campus in medieval gowns.
1 comments :
First off, I'd say that the phrase, "the Chicago School" as it is generally used does not reflect the philosophy of the U of C department of economics or the Booth School of Business. The philosophies of the school are both based upon open dialogue and critical analysis. That's why nobel prize winners have both represented efficient market advocates and behavioral scientists (philosophies that many view as conflicting).
Second, I think everyone needs to recognize that with the exception of a few extremists, the "Chicago model" is simply a model. Just as Marx, Keynes, and Galbreith had models. None are laws of physics. None are absolute. The "Chicago model" has certainly been a more productive model than any of the others.
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