It's been a bad year for the University of Chicago Economics Department. And I'm not just talking about Alan Greenspan's remark to Congress that he "made a mistake" about the ability of markets to self-regulate themselves. I'm talking hard, cold, quantifiable facts: Neither themost recent Nobel prize for economics nor the John Bates Clark award given to the best economist under the age of forty went to a card-carrying member of the "Chicago School."
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