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Economists’ Sins of Omission and Collaboration

In: The Confiscation of American Prosperity

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  • Michael Perelman

Abstract

The Great Depression temporarily disrupted the longstanding lovefest between business and academic economics. This catastrophe shook many economists’ confidence in the market, just as it did for most of the population. Quite a few economists began to wonder how such a breakdown could have happened. Was the problem part and parcel of a market economy? Even so, the firing of economics professors for their ideas and pressure from legislatures continued. For example, in the late 1930s the Texas legislature attempted to make the University of Texas dismiss Robert Montgomery for advocating public ownership of power companies. Businessmen pressured the university to fire some other economists along with Montgomery. Finally, in 1942, the university dismissed or refused to rehire three junior faculty members for their political views.

Suggested Citation

  • Michael Perelman, 2007. "Economists’ Sins of Omission and Collaboration," Palgrave Macmillan Books, in: The Confiscation of American Prosperity, chapter 0, pages 179-197, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-60706-4_13
    DOI: 10.1057/9780230607064_13
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