Laying Chicago Economics to Rest
From breakthroughs in behavioral economics to mounting evidence in the real world, there is good reason to think that the economic orthodoxy of the past 50 years now has one foot in the grave. The question is whether the mainstream economics profession has gotten the memo.
CAMBRIDGE – September 2023 marks two important milestones in the history of economics – the 50th anniversary of the event that led to the rise of the “Chicago School of Economics” and the 15th anniversary of the one that precipitated its fall.