Where Economics Went Wrong (eBook)

Chicago's Abandonment of Classical Liberalism

David Colander, Craig Freedman (Autoren)

eBook Download: EPUB

2018
288 Seiten
Princeton University Press (Verlag)
978-0-691-18405-0 (ISBN)

Infos

How modern economics abandoned classical liberalism and lost its wayMilton Friedman once predicted that advances in scientific economics would resolve debates about whether raising the minimum wage is good policy. Decades later, Friedman's prediction has not come true. In Where Economics Went Wrong, David Colander and Craig Freedman argue that it never will. Why? Because economic policy, when done correctly, is an art and a craft. It is not, and cannot be, a science. The authors explain why classical liberal economists understood this essential difference, why modern economists abandoned it, and why now is the time for the profession to return to its classical liberal roots.Carefully distinguishing policy from science and theory, classical liberal economists emphasized values and context, treating economic policy analysis as a moral science where a dialogue of sensibilities and judgments allowed for the same scientific basis to arrive at a variety of policy recommendations. Using the University of Chicago-one of the last bastions of classical liberal economics-as a case study, Colander and Freedman examine how both the MIT and Chicago variants of modern economics eschewed classical liberalism in their attempt to make economic policy analysis a science. By examining the way in which the discipline managed to lose its bearings, the authors delve into such issues as the development of welfare economics in relation to economic science, alternative voices within the Chicago School, and exactly how Friedman got it wrong.Contending that the division between science and prescription needs to be restored, Where Economics Went Wrong makes the case for a more nuanced and self-aware policy analysis by economists.

Autor

David Colander is Distinguished College Professor at Middlebury College. His many books include The Making of an Economist, Redux and Complexity and the Art of Public Policy (both Princeton). Craig Freedman is the author of Chicago Fundamentalism and In Search of the Two-Handed Economist.

Produkt-Details

• Erscheint lt. Verlag: 27.11.2018
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Geschichte ► Teilgebiete der Geschichte ► Wirtschaftsgeschichte
• Themenwelt: Wirtschaft ► Allgemeines / Lexika
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
• Schlagworte: Aaron Director • activism • Aftermath of World War II • Alfred Marshall • Alvin Roth • Amartya Sen • Ambiguity • Argumentation • Ariel Rubinstein • At Best • Buchanan political economy • Capitalism • Case study • Chicago • Chicago economics • Chicago Economics Department • Chicago School • Chicago school of economics • Chicago tradition • Classical Economics • Classical Liberal attitude • Classical Liberalism • Classical Liberal methodology • classical liberals • Coase Theorem • Coasian institutionalist approach • Collectivism • Consideration • Cost–benefit analysis • Criticism • Dani Rodrik • David Ricardo • econometric testing • economic interventionism • economic liberalism • Economic Methodology • Economic planning • Economic Policy • economic policy analysis • Economics • Economic science • Economic Theory • economist • Economists • economy • educated common sense • Edward Leamer • Empirical Evidence • ethics • Externality • First principle • Fiscal Policy • Foray • formal theory • Frank Knight • Functional finance • Gary Becker • General Equilibrium Theory • George Stigler • Homo economicus • Ideology • Institution • Jacob Viner • James Buchanan • James Laughlin • John Maynard Keynes • John Stuart Mill • Keynesian Economics • Laissez-faire • law and economics • Legislation • Liberal economists • Liberalism • Macroeconomics • Mainstream economics • mainstream theory • Market Economy • Market Failure • Market Mechanism • market socialism • Methodology • Microeconomics • Milton Friedman • minimum wage • modern economics • Neoclassical Economics • Partial equilibrium • Paul Romer • Paul Samuelson • Philosophy • Policy • policy analysis • policy debate • policy differences • policy economics • policy issue • Policy Issues • policy methodology • policy prescriptions • policy problems • Political Economy • Politician • Positive economics • Postmodernism • postwar era • Public Choice • Public Policy • Rational Choice Theory • Rationality • Recession • Representative Agent • Requirement • rhetoric • Richard Posner • Ronald Coase • Science • scientific economics • Scientific Method • Scientific methods • Scientific Policy • scientific theory • Scientist • Self-Interest • sensibility • skepticism • Social Science • social welfare function • Suggestion • Supply and Demand • Theorem • theoretical problems • theory • The Road to Serfdom • The Wealth of Nations • Totalitarianism • transaction cost • Unemployment • University of Chicago • Utilitarianism • Vested interest (communication theory) • Virginia School • welfare • Welfare Economics • World War II
• ISBN-10: 0-691-18405-4 / 0691184054
• ISBN-13: 978-0-691-18405-0 / 9780691184050