Is the bridge between the Austrian and Chicago schools coming together or moving apart?
In his book, Vienna and Chicago, Friends or Foes? economist and author Mark Skousen debates the Austrian and Chicago schools of free-market economics, which differ in monetary policy, business cycle, government policy, and methodology. Both have played a successful role in advancing classic free-market economics and countering the critics of capitalism during crucial times and the battle of ideas.
But, which of the two is correct in its theories?
Vienna and Chicago, Friends or Foes? includes interviews with economists in both camps, uncovering their strengths and weaknesses. At the end of each chapter, Skousen declares who’s right and who’s wrong either with “Advantage, Vienna,” or “Advantage, Chicago.” The results are surprising, and Professor Skousen ends his provocative and timely work by attempting to foster common ground between these two warring schools.
Table of Contents
Chapter 1. Introduction: A Tale of Two Schools.
Chapter 2. Old and New Vienna: The Rise, Fall and Rebirth of the Austrian School
Chapter 3. The Imperialist Chicago School
Chapter 4. Methodenstreit: Should a Theory be Empirically Tested?
Chapter 5. Gold vs. Fiat Money: What is the Ideal Monetary Standard?
Chapter 6. Macroeconomics, the Great Depression, and the Business Cycle
Chapter 7. Antitrust, Public Choice and Political Economy: What is the Proper Role of Government?
Chapter 8. Who Are the Great Economists?
Chapter 9. Faith and Reason in Capitalism
Chapter 10. The Future of Free-Market Economics: How Far is Vienna from Chicago?
What They’re Saying About Vienna & Chicago: Friends or Foes?
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
“Finally, there is a book to compare the agreements and disagreements of the Austrian and Chicago schools of economics. This will definitely be required reading for my university students in History of Economic Thought courses. I am especially thrilled to see such an evenhanded approach to so many issues, from causes of the Great Depression to types of monetary systems. Skousen is insightful, humorous, and always full of interesting tidbits that are available in no other source…because he knew so many of the players. His books are always user friendly and this is no exception. He also offers his views, but is ever respectful to all. “ — Ken Schoolland
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