Announcing my controversial new book…Vienna and Chicago: Friends or Foes?


“You’re all a bunch of socialists!” — Ludwig von Mises (Vienna)
“We are friends and foes!” — Milton Friedman (Chicago)
Austrian and Chicago economists have battled Keynesians, Marxists and socialists alike, but they often fight each other as well. What are the differences between the Austrian and Chicago schools, and why do free-market economists disagree so much?

After years of research and interviews in both camps, I have uncovered the strengths and weaknesses of each, and determine who’s right and who’s wrong at the end of each chapter by declaring either “Advantage, Vienna” or “Advantage, Chicago.” The book ends with a chapter on how they could reconcile on major issues.
Chapters from Vienna and Chicago, Friends or Foes?
1. Introduction: A Tale of Two Schools
2. Old and New Vienna: The Rise, Fall, and Rebirth of the Austrian School
3. The Imperialist Chicago School
4. Methodenstreit: Should a Theory be Empirically Tested?
5. Gold vs. Fiat Money: What is the Ideal Monetary Standard?
6. Macroeconomics, the Great Depression, and the Business Cycle
7. Antitrust, Public Choice and Political Economy: What is the Proper Role of Government?
8. Who Are the Great Economists?
9. Faith and Reason in Capitalism
10. The Future of Free-Market Economics: How Far is Vienna from Chicago?
  • Whose methodology is more controversial–Mises or Friedman?
  • A debate that the Austrians have clearly won.
  • Why Chicago economists have won more Nobel Prizes than the Austrians.
  • Why did Israel Kirzner call George Stigler’s essay on politics “bizarre, disturbing, unfortunate, and an affront to common sense”?
  • Emotional fights at the Mont Pelerin Society, Foundation for Economic Education, and other freedom organizations.
  • Why Friedman and Mises admire Adam Smith, and Murray Rothbard despises him.
  • Why some Austrians call Friedman a “Keynesian” and “a statist” while Friedman calls Mises and Ayn Rand “intolerant” and “extremist.”
  • Major differences between Mises and Hayek…..and between Stigler and Friedman.
  • The “fortress” mentality: Why the Mises Institute doesn’t advertise, or appear on TV.
  • Amazing similarities between Austrians and Marxists, and between Chicagoans and Keynesians.
  • Why Mises refused to use graphs and charts in his books.
  • How Friedman shocked the audience when asked “Who is the better economist, Keynes or Mises?”
  • Why Austrians are usually pessimists and Chicagoans optimists.
  • Powerful contributions by the “new” generation of Austrian and Chicago economists…..
From the Chicago school: “This tale is thorough, thoughtful, even-handed, and highly readable. All economists, of whatever school, will find it both instructive and entertaining.” –Milton Friedman

From the Austrian school: “In his upbeat tale of two schools, Skousen gives us a delightful blend of theory, history, and political science, and shows that there is much common ground and scope for development.” –Roger W. Garrison
From an anonymous reviewer: “A novel approach. Skousen sells neither school short and takes a non-doctrinaire view. He spices up his narrative with materials from personal correspondence and one-on-one discussions. No one other than Skousen could have written this book. Advantage, Skousen!”
How to Order this Book
Vienna and Chicago is a 320-page quality paperback available now from the publisher Capital Press (, Laissez Faire Books (, Amazon, or directly from the author (see below). The book normally retails for $24.95, but readers pay only $20.
Or mail a check for $20 plus $3 shipping and handling per copy. (For foreign deliveries, pay $20 plus $10 for air mail per copy.) Make checks payable to Skousen Publishing Co., P.O. BOX 229, IRVINGTON, NY 10533.

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