Economists’ Sins of Omission and Collaboration

Michael Perelman

Chapter Chapter 13 in The Confiscation of American Prosperity, 2007, pp 179-197 from Palgrave Macmillan

Abstract: Abstract The Great Depression temporarily disrupted the longstanding lovefest between business and academic economics. This catastrophe shook many economists’ confidence in the market, just as it did for most of the population. Quite a few economists began to wonder how such a breakdown could have happened. Was the problem part and parcel of a market economy? Even so, the firing of economics professors for their ideas and pressure from legislatures continued. For example, in the late 1930s the Texas legislature attempted to make the University of Texas dismiss Robert Montgomery for advocating public ownership of power companies. Businessmen pressured the university to fire some other economists along with Montgomery. Finally, in 1942, the university dismissed or refused to rehire three junior faculty members for their political views.

Keywords: Social Security; National Bureau; Wall Street Journal; Bush Administration; American Economic Association (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-60706-4_13

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DOI: 10.1057/9780230607064_13

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