As someone noted, today is the 100th Anniversary of the birth of Milton Friedman—the champion of the free market. Nobel Laureate Friedman represented the Chicago School. His advice remains timely for our current economic strife.
Here is an appreciation from Newsday.
Regards — Cliff
Is the "Chicago School" superior to "Chicago Politics?" I'm not a huge fan of "pan pizza."
ReplyDeleteI would venture that "Chicago School" is completely divorced intellectually from "Chicago Politics." Uncle Milty was not particularly cherished by tax and spend Democrats of the day.....and the GOP RINO's were not fond of him either. Of course, the darling of the Democratic "movement" is Paul Krugman...but that is another story....another post.....another blog.
ReplyDeleteI see the "Chicago School" and "Chicago Politics" being different. And, Chicago Politics may be older.
ReplyDeleteAs for Neal, what other blog for the story of Professor Krugman?
Regards — Cliff
My query was for a judgement of quality, not comparision. Is one "Chicago" superior to another?
ReplyDeleteAs I expect you both to be caught in the rote ramblings that "Chicago Politics" is bad, the query was effectively a hint.
Chicago is. You get to pick what part you like best.
We still have that little book by Naomi Klien getting in the way of Uncle Milty's beatification.
Some deets:
Although he passed away in 2006, states are now grappling with many of the toxic notions left behind by University of Chicago economist Milton Friedman.
In her groundbreaking book, The Shock Doctrine, Naomi Klein coined the term "disaster capitalism" for the rapid-fire corporate re-engineering of societies still reeling from shock. The master of disaster? Privatization and free market guru Milton Friedman. Friedman advised governments in economic crisis to follow strict austerity measures, combining radical cuts in social services with the full-scale privatization of their more lucrative assets. Many countries in Latin America auctioned off everything standing -- from energy and water utilities to Social Security -- to for profit multinational firms, crushing unions and other dissenters along the way.
Now, U.S. states are in crisis. The 2008 Wall Street financial meltdown, caused by years of deregulation and lack of government oversight, cost Americans $14 trillion in lost wealth and eight million lost jobs. Today some 25 million are unemployed or underemployed. This jobs crisis has tanked federal and state tax receipts, adding billions to state budget shortfalls.
WRT Jack and the question of Chicago Values, I am waiting for the Mayor's response to the question from Chicago native Francis Cardinal George (there is a mouthful) about what ARE Chicago Values.
ReplyDeleteAs for the economic meltdown, I wonder to what extent the solution to the abhorant practice of "Red Lining" lead to the problems. Remember the old saw, "Every solution contains the seeds of a new problem"? I am sure Congressman Frank would deflect the question, possibly by questioning my planet of origin, but it is an issue. I would note that Congressman Frank may have noted a movement toward Godwin's Law when he asked the "what planet" question.
Regards — Cliff