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Fortunately, free market economists, such as the Austrian School and the Chicago School are so marginalized by the dominant neo-Keynsians that you can't make th

by lzw 16y ago

Fortunately, free market economists, such as the Austrian School and the Chicago School are so marginalized by the dominant neo-Keynsians that you can't make the claim that they have had enough influence to make their predictions into self fulfilling prophecies! Wait, no, that's unfortunate, actually. Considering all the lives that have been destroyed as result.

_delirium 16y ago
It would take a pretty strange view of academic economics to believe that the Chicago school has been generally "marginalized", while the neo-Keynesian school has been "dominant". At least in U.S. economics departments of the past few decades, they've traded dominance on and off, and I'm not sure either has enjoyed a measurably greater period of dominance. Chicago-school economics was dominant in the 1980s and 1990s, and especially in the late 1980s neo-Keynesianism was almost completely marginalized in academia. It's now made a comeback post-financial-crisis, and currently has the upper hand, but Chicago-school economists haven't exactly disappeared, and are still prominent at many of the top schools.