IDEAS home Printed from https://ideas.repec.org/h/spr/sprchp/978-3-031-01775-9_4.html
   My bibliography  Save this book chapter

Chicago Political Economy and Its Virginia Cousin

In: The Palgrave Companion to Chicago Economics

Author

Listed:
  • Richard E. Wagner

    (George Mason University)

Abstract

This chapter explores the Chicago origin of two forms of contemporary political economy. One form was initiated at Chicago through George Stigler. The other form was initiated at Virginia through James Buchanan and is generally designated as public choice. Stigler and Buchanan were both students of Frank Knight, and their distinctive approaches to political economy are both evident in Knight’s oeuvre. Comparing Stigler and Buchanan is like comparing two parabolas, X2 and −X2: they share a common origin, but they point towards different analytical territory. Chicago-style political economy incorporates politics into the theory of competitive equilibrium, thereby neutralising any independent impact of politics on markets. In contrast, Virginia-style political economy distinguishes the political from the economic within society, bringing into the analytical foreground tectonic interaction among market and political entities within society.

Suggested Citation

  • Richard E. Wagner, 2022. "Chicago Political Economy and Its Virginia Cousin," Springer Books, in: Robert A. Cord (ed.), The Palgrave Companion to Chicago Economics, chapter 4, pages 79-101, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-01775-9_4
    DOI: 10.1007/978-3-031-01775-9_4
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sprchp:978-3-031-01775-9_4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.