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This was posted here about a month an half ago. Unfortunately, this article causes comment sections to erupt into flames. I find it problematic since it spreads

This was posted here about a month an half ago. Unfortunately, this article causes comment sections to erupt into flames. I find it problematic since it spreads misinformation about economics as a profession. Economist Russ Roberts does a great job addressing most of the points in this article [0]. Although Hayek and Friedman may have been intellectually very interesting, I have a hard time believing they had much influence on the trajectory of public policy (at least, not nearly as much as OP's article implies). Speaking anecdotally, I studied economics in my undergrad, and I never encountered Friedman or Hayek in my curriculum. In fact, I can count the number of students I met familiar with their ideas with one hand. [0] https://medium.com/@russroberts/the-economist-as-scapegoat-91b317a6823e https://medium.com/@russroberts/the-economist-as-scapegoat-9...

woodandsteel 6y ago
During the housing price bubble 2001-2007, the economics profession on the whole, lead by University of Chicago economists (which is where Friedman taught) told us everything was fine, due to efficient market theory.
- me_me_me 6y ago
  People in the future will be asking themselves, how the whole 'school of Chicago economics' wasn't tried for crimes against humanity. And I am not only talking for spreading this silly not notions of invisible hand adjusting markets and utopia will arrive. Those people destroyed south American countries in their little free market playgrounds. And all they 'learnt' was that those models failed because the markets were not free enough.
TremendousJudge 6y ago
>Although Hayek and Friedman may have been intellectually very interesting, I have a hard time believing they had much influence on the trajectory of public policy Friedman was literally the economics advisor to Ronald Reagan, both in campaign and during the entire administration. All the "Reaganomics" policies of the 80s were greatly influenced by his theories. That's as much influence an economist could have on public policy besides actually being the president.

woodandsteel 6y ago

During the housing price bubble 2001-2007, the economics profession on the whole, lead by University of Chicago economists (which is where Friedman taught) told us everything was fine, due to efficient market theory.

me_me_me 6y ago
People in the future will be asking themselves, how the whole 'school of Chicago economics' wasn't tried for crimes against humanity. And I am not only talking for spreading this silly not notions of invisible hand adjusting markets and utopia will arrive. Those people destroyed south American countries in their little free market playgrounds. And all they 'learnt' was that those models failed because the markets were not free enough.

TremendousJudge 6y ago

>Although Hayek and Friedman may have been intellectually very interesting, I have a hard time believing they had much influence on the trajectory of public policy Friedman was literally the economics advisor to Ronald Reagan, both in campaign and during the entire administration. All the "Reaganomics" policies of the 80s were greatly influenced by his theories. That's as much influence an economist could have on public policy besides actually being the president.