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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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What Has Chicago Wrought?

What Has Chicago Wrought?

Painting Policy by the Numbers

(p.66) 5 What Has Chicago Wrought?
Where Economics Went Wrong

David Colander

Craig Freedman

Princeton University Press

This chapter begins by differentiating between the views of economic theory of the interwar Chicago Economics Department and the postwar Chicago School. The interwar department was highly skeptical of the direct relevance of all theory for policy. In contrast, the succeeding Chicago School lost much of that skepticism. Indeed, in the tumultuous postwar period, the older Chicago tradition mutated into a distinctive and formidable strategic approach, one nurtured under the critical eyes of Milton Friedman, George Stigler, and Aaron Director. Their meticulously hewn fabrication would eventually engulf and define the department. In a series of ever more distinguishable departures, this postwar generation of Chicago nurtured economists found themselves breaking with the older tradition that had defined the department during its more formative years.

Keywords:   economic theory, Chicago Economics Department, Chicago School, Chicago tradition, Milton Friedman, George Stigler, Aaron Director

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