Chicagonomics: The Evolution of Chicago Free Market Economics, by Lanny Ebenstein
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Chicagonomics: The Evolution of Chicago Free Market Economics, by Lanny Ebenstein
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Chicagonomics explores the history and development of classical liberalism as taught and explored at the University of Chicago. Ebenstein's tenth book in the history of economic and political thought, it deals specifically in the area of classical liberalism, examining the ideas of Friedrich Hayek and Milton Friedman, and is the first comprehensive history of economics at the University of Chicago from the founding of the University in 1892 until the present. The reader will learn why Chicago had such influence, to what extent different schools of thought in economics existed at Chicago, the Chicago tradition, vision, and what Chicago economic perspectives have to say about current economic and social circumstances.
Ebenstein enlightens the personal and intellectual relationships among leading figures in economics at the University of Chicago, including Jacob Viner, Frank Knight, Henry Simons, Milton Friedman, George Stigler, Aaron Director, and Friedrich Hayek. He recasts classical liberal thought from Adam Smith to the present.
Chicagonomics: The Evolution of Chicago Free Market Economics, by Lanny Ebenstein- Amazon Sales Rank: #77859 in Books
- Published on: 2015-10-06
- Released on: 2015-10-06
- Original language: English
- Number of items: 1
- Dimensions: 9.59" h x 1.12" w x 6.38" l,
- Binding: Hardcover
- 304 pages
Review
**One of BloombergView's "Five Books That Put Some Life in the Dismal Science"**“Chicagonomics, a new book by Lanny Ebenstein, a prolific author on the history of economic thought, sets out to investigate the history of the Chicago school of economics, to see what can be learnt for today from its past...deserves to be read by all those with an interest in economic policy." ―The Economist
“Ebenstein, the son of a political scientist who taught briefly at the University of Chicago, has written 10 books on economic and political history ... With this book, he joins a group of detractors of modern-day American conservatism who are sympathetic to many of the ideas of conservatism but harshly critical of how it is now practiced.” ―New York Times Book Review
“For better or for worse, and it has been some of both, economics at the University of Chicago has had an immense impact on the profession and on the world. This important book tells that very important story in a lively and entertaining way.” ―Lawrence Summers, Secretary of the Treasury under President Clinton, Former President of Harvard
“I have learned much from your book and I congratulate you for doing a fine bit of work. I especially appreciate what you wrote about Hayek.” ―Lester Telser, Professor Emeritus of Economics, University of Chicago
“Chicagoeconomics has had a profound impact on economic science. This accessible and enjoyable book tells the story starting from its origins. Readers will discover that chicagoeconomics is richer and more nuanced than its cliche image of market fundamentalists.” ―Emmanuel Saez, Professor of Economics, University of California at Berkeley
“A detailed argument and an absorbing narrative combine in this important contribution to the field.” ―Kirkus Reviews
“Well-written and useful. You can read about Henry Simons, the Cowles Commission, Hayek, Jacob Marschak, of course Milton Friedman, and much more.” ―Tyler Cowen, Professor of Economics, George Mason University
“A lively and comprehensive study.” ―Sam Fleischacker, Director of Jewish Studies, University of Illinois-Chicago
“Chicagonomics provides a helpful corrective to the common perception that there is a unified and cohesive ‘Chicago School’” ―Wall Street Journal
“...Offers a comprehensive and noteworthy examination of the University of Chicago's influence on economic theory in the U.S… accessible, clear, and entertaining.” ―Publisher's Weekly
About the Author LANNY EBENSTEIN is a Lecturer in the Department of Economics at UCSB, teaching the history of economic and political thought. From 1990 to 1998, Dr. Ebenstein was an elected member of the Santa Barbara Board of Education. He has written ten books on the history of economic and political thought, including the first biographies of Friedrich Hayek and Milton Friedman. His work is frequently cited in publications from a wide range of disciplines and perspectives, and has been translated into a number of foreign languages. He lives in Santa Barbara, CA.
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Most helpful customer reviews
7 of 7 people found the following review helpful. From classical liberalism to the Chicago School at the Univeristy of Chicago By Bruce Larson Chicagonomics provides a broad perspective on the development of economics at the University of Chicago, with a special emphasis on the development of the so-called Chicago School of Economics and its relationship to those who came before, in particular Henry Simons, Frank Knight, and Jacob Viner. Lanny Ebenstein provides an engaging, readable, and at times opinionated account of the development, one that he knows well given his previous writings on Milton Friedman and Friedrich Hayek.Especially useful was Ebenstein's convincing distinction between the writings of Simons, Knight, and Viner, described as classical liberals, and the eventual Chicago School dated to 1946 when Milton Friedman joined the faculty. I.e., there was no School before Friedman's move to Chicago. Also of interest was the distinction between Friedman the academic economist, for which he won a Nobel Prize, and Friedman the public intellectual whose work became increasingly libertarian as he grew older. In addition, Ebenstein provides useful perspective on the role that Hayek's ideas played at Chicago. It was interesting to see how much support each of these writers gave to progressive income taxation at various, usually early, stages of their lives.Ebenstein has made me eager to learn more and provides a lengthy Bibliographical Essay to use. In particular, he has left me wanting to know more about classical liberalism both historically and in its current expression. To a certain extent Ebenstein does this in the Conclusion, which lays out 13 public policies that should be implemented in the U.S. at this time. Still, I fail to see how these policies relate to a systematic view of classical liberalism. That, in itself, would be an interesting book to read. Perhaps Lanny Ebenstein will now write it.
13 of 15 people found the following review helpful. History or the author's policy prescriptions? By John Hagens I was hopeful that this book would correspond to its title. It didn't. The author doesn't like the supposed drift from classical liberal to neoliberal / libertarianism that he claims the U. of C economics department has taken. This drift may have occurred, but the author's primary evidence is the changes in the positions Milton Friedman and F. Hayek held AFTER they left Chicago. There is very little written about the positions of the economists after Friedman and Hayek left, other than the author's praise of the classical liberal efforts of James Heckman. So what's the evidence of a rightward drift? I believe that this drift has occurred, but this book doesn't document it. And why the author felt he needed to lay out his own classical liberal policy prescriptions in the book's last chapter is beyond me.
4 of 5 people found the following review helpful. An Important Call to Action Based on Sound Scholarship By Dave Dixon I agree with a previous reviewer that this book is really potentially two books in one. The history of the famous Chicago school of economic theory and practice is fascinating; but Dr. Ebenstein does much more than simply recount the evolution of classical liberalism and capitalism. He demonstrates, quite convincingly, how far the big thinkers of this school (mainly Hayek and Friedman - both of whom Ebenstein has written biographies about) have transformed conservative economic thought into something the architects of classical liberalism like Adam Smith, John Locke, and John Stuart Mill, would hardly recognize and certainly not advocate. Far from being star struck by Hayek and especially Friedman, whose authorized biography Ebenstein completed while the famous economist was still alive, the author calls them "radicals" promoting a "virtually anarchist society". Some have criticized Ebenstein for misleading readers with a history title and then using the book to promote a contemporary public policy agenda. I don't see it that way. The importance of the book is, in my view two fold: One needs to understand how classical liberalism became so (dare I use the word "perverted'?) to really get at the exciting part of this book, which is Ebenstein's call for a return to classical liberalism. There are some radical ideas in Dr. Ebenstein's proscriptions, but it seems to me that we need some big changes to get us back to at least a middle course between the old school liberalism where the overall public good is paramount, and runaway laissez-faire capitalism, where the tremendous resources and power we possess in this great country are held by a smaller and smaller elite. Someone in the current presidential race who had the guts enough to forgo special interests on either side of the political divide and strike out on a path that is down the middle would see many adherents come running to his or her camp. Ebenstein's book is a timely conversation starter to that end.
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