Chicago Economics in the Making, 1926-1940. A Further Look at US Interwar Pluralism

Luca Fiorito () and Sebastiano Nerozzi ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: The aim of this paper is to unfold a rich body of archival material that can shed new light on the nature and evolution of interwar Chicago economics. Specifically, this paper is based on a scrutiny of the PhD qualifying exams on Economic Theory at Chicago from 1926 to 1940. The qualifying tests (supplemented by the courses’ programs) show the existence of two important turning points in the shaping of Chicago economic training. The first one is in 1927, when John M. Clark, the undisputed leader of the Chicago Department of Economics during the heyday of institutionalism, moved to Columbia, leaving open ground to the restructuring of the courses according to a different and more analytical approach already represented in the Department by Viner and, in a narrower field, by Paul Douglas. The arrival at Chicago of figures such as Knight, Schultz and Simons definitely shifted the balance toward neoclassical theory. A second turning point occurred in 1933 when the qualifying test in Economic Theory was divided into two major fields: price and distribution theory on the one side; money and business cycle on the other. This innovation reveals the importance acquired by monetary theory in economic training at a time that is commonly associated with the nurturing of what was later named as the “Chicago monetary tradition.”

Keywords: Chicago School; Institutionalism; Knight, Frank H.; Viner, Jacob (search for similar items in EconPapers)
JEL-codes: B13 B15 B21 B22 B23 B25 (search for similar items in EconPapers)
Date: 2016-05
New Economics Papers: this item is included in nep-his, nep-hpe and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:usi:wpaper:733

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