Friend or Foe (The Debate Between the Austrian School and the Chicago School)

Author: Mark Skousen (USA), translated by Yang Peilei
Publisher:
Publish Date: 2006-12-01
Features: The Austrian School and the Chicago School have engaged in both conflict and cooperation, as rivals and allies, throughout their long history of several centuries. These two schools exhibit significant differences in monetary theory, business cycle theory, government policy, and economic methodology. At times, scholars from both schools cannot even agree on their views of economists they both admire. Despite numerous disagreements, both schools have played successful roles in developing classical free-market economics and countering critiques of capitalism during severe ideological struggles. Additionally, economists from both major schools have been awarded the Nobel Prize in Economics for their research achievements. Based on author Mark Skousen's interviews with economists from both schools, this book reveals their respective strengths and weaknesses, offering judgments on "who is right and who is wrong" at the end of each chapter. In the end, the book's analysis reaches a surprising conclusion, as the author hopes in the final chapter, these two contentious schools may enhance their shared theoretical foundation.