Chicago School Of Economics Loses Some Luster

Salon.com:

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."

Read the whole story: Salon.com

Comments

[Rog49Thomas]

What's next an attack on the existence of John Galt?

[planetjeffy]

Lost its luster...heck it has been psssd on, pooped on and set on fire. Unregulated capitalism leaves us up to what we do best, make as much money as we can without regard for anything or anyone. Otherwise why would someone put melamine in baby formula, destroy their own bank, not clean their pistachio machines, etc?

[Witkacy]

Over & above the awards of the past year - there's the little matter of Iceland...

[faceplant]

I always had a problem with the Chicago School. It's proponents seem to be willfully blind to, or lacking in real-life experience. The pronouncements of the School rarely fit the observed behaviors of people or institutions that I had any direct experience of, nor did they fit the any of the historical cases that I was aware of. Thus, the theories seemed very unlikely to work out in the long haul where they were actually applied, and low and behold, they didn't. We'll see if any fundamentalist wants to respond to this with some sort of "no true Scotsman" argument.

[sposton]

Market Utopianism belongs on the same ash heap of history with the other Utopian nonsense - communism, neoconservatism, jacobinism, ...

[sonofsamphm1c]

Awards in economics don't mean anything? You mean, like Krugman's Nobel prize?

Anyway, the market never makes a mistake. Just ask the people who insist that George Bush's version of Mark to Market was infallible. On THP, old Milty Freidman lives on.

[WorkingClass]

"The Chicago School" won all these prestigious awards. Turns out it was total crap all a along. feh.

[doneflyin]

Ya' mean Pinochet's economists are finally loosing credibility?
Naaah, say it ain't so!

[noesis]

"The rich got richer and then scr e wed the pooch."

[Mavin1620]

How everyone went so wrong from Keynes will be the stuff of a thousand dissertations.

[sonofsamphm1c]

A lot of people around here put a great deal of credence in the economists who predicted the current crisis.

Did Keynes predict the crash of 1929? He lost most of his massive fortune.

But you are right, Keynes is the king.

[totalliberal]

"Did Keynes predict the crash of 1929? He lost most of his massive fortune."


Total nonsense. Lots of people lost money. Keynes recovered his fortune within a few years and then went on to write his "magnum opus " in 1939. Typical right-wing half-truths.

[trimom]

Farewell Uncle Milt. It is about time you and your theories have been relegated to the history books.

[vagabondvet]

The past decade is a repudiation of government involvement in the economy and central banking. The Austrian School of Economics predicted this crisis while Keynesians and Monetarists thought we could have Dow 35,000.

[AnotherMcIntosh]

Well, they can always get a job with the Administration.

[JScott]

The Chicago School Of Economics And Milton Friedman Loses Some Of Their Luster

YA THINK!!!!!!!!!!!!!!!!!!!!!!!!!

'Nother one for the 'stating the obvious' category.

[hollybork]

No kiddin'. This is the school of economics that brought us supply side economics, derivative madness, rescinded regulation and free market piracy spun amuk.