The Chicago Counter-Revolution and the Sociology of Economic Knowledge

Robert Leeson

Chapter 3 in The Eclipse of Keynesianism, 2000, pp 45-72 from Palgrave Macmillan

Abstract: Abstract George Stigler and Milton Friedman sought, and achieved, great influence both internally (within the economics profession) and externally (over a wider constituency).2 The intellectual and policy transformations that occurred from the late 1960s were the combined product of internal forces (apparently impressive historical relationships between money and prices etc.) and external anxiety about perceived policy failures (high inflation and rising unemployment etc.). There is, of course, a link between the two (Keynes, 1936: 383±4). Stigler’s Theory of Price was highly influential both within and outside the economics profession. When Stigler (1969a: 146) testified before the House of Representatives Select Committee on Small Business that his ‘own goal is a competitive economy’ (not a goal shared by Edward Chamberlin3), he was informed by the General Counsel that ‘this subcommittee has a long record of being greatly infatuated with some of your ideas’; understanding his textbook had cost ‘many hours of sleep’ (Potvin, 1969: 150, 152).4

Keywords: Economic Knowledge; Imperfect Competition; Phillips Curve; Chicago School; Price Theory (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1057/9780333985656_3

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