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The Chicago Counter-Revolution and the Sociology of Economic Knowledge

In: The Eclipse of Keynesianism

Author

Listed:
  • Robert Leeson

    (Murdoch University)

Abstract

George Stigler and Milton Friedman sought, and achieved, great influence both internally (within the economics profession) and externally (over a wider constituency).2 The intellectual and policy transformations that occurred from the late 1960s were the combined product of internal forces (apparently impressive historical relationships between money and prices etc.) and external anxiety about perceived policy failures (high inflation and rising unemployment etc.). There is, of course, a link between the two (Keynes, 1936: 383±4). Stigler’s Theory of Price was highly influential both within and outside the economics profession. When Stigler (1969a: 146) testified before the House of Representatives Select Committee on Small Business that his ‘own goal is a competitive economy’ (not a goal shared by Edward Chamberlin3), he was informed by the General Counsel that ‘this subcommittee has a long record of being greatly infatuated with some of your ideas’; understanding his textbook had cost ‘many hours of sleep’ (Potvin, 1969: 150, 152).4

Suggested Citation

  • Robert Leeson, 2000. "The Chicago Counter-Revolution and the Sociology of Economic Knowledge," Palgrave Macmillan Books, in: The Eclipse of Keynesianism, chapter 3, pages 45-72, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98565-6_3
    DOI: 10.1057/9780333985656_3
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    Cited by:

    1. Yefimov, Vladumir, 2011. "Дискурсивный Анализ В Экономике: Пересмотр Методологии И Истории Экономической Науки. Часть 2 - Иная История И Современность [Discourse analysis in economics: methodology and history of economics r," MPRA Paper 49069, University Library of Munich, Germany.

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