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Where Economics Went Wrong$
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David Colander and Craig Freedman

Print publication date: 2018

Print ISBN-13: 9780691179209

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691179209.001.0001

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Planting the Seeds of a Chicago Tradition

Planting the Seeds of a Chicago Tradition

(p.36) 3 Planting the Seeds of a Chicago Tradition
Where Economics Went Wrong

David Colander

Craig Freedman

Princeton University Press

This chapter traces the beginning of economics at the University of Chicago to study the development of a Chicago tradition. The Chicago tradition begins with James Laughlin, the first chair and founder of the department in 1892. He put his stamp on Chicago economics in ways that would serve to nurture future generations but would also prove to be regrettable. Laughlin, during his sometimes-controversial career, placed himself well within the boundaries defining Classical Liberalism. He helped create the persistent, but at times quite misleading, appearance that identified the Chicago department as a virulent breeding ground of ultra-conservative thought, tarred by a predilection for ideologically tinged policy prescriptions. The chapter then looks at the Chicago School of Economics.

Keywords:   economics, University of Chicago, Chicago tradition, James Laughlin, Chicago economics, Classical Liberalism, policy prescriptions, Chicago School of Economics

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